Naira Gaining as CBN Adjusts Customs Exchange Rate to Clear Goods at Nigeria’s Ports

• The Central Bank of Nigeria (CBN) has reduced the Custom foreign exchange rate to clear goods
• The bank adjusted the rate from N1,503 per dollar to N1,500 following the strengthening of the naira
• The local currency appreciated to N1,494.03 per dollar in the official window on Thursday, February 20, 2025

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria (CBN) has adjusted the Customs foreign exchange rates for cargo clearance at Nigeria’s air and seaports.

The change came as the Nigerian currency rallied across forex markets this week, giving hope that the rates are finally converging.

The naira’s gain: CBN adjusts Customs rate

Data from the Customs trade portal shows that the apex bank adjusted the import duty rates to N1,500.024 per dollar.

This contrasts with the N1,503.801 the bank pegged the import duty rate the previous day.

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This means importers wishing to apply for cargo clearance will pay less than those who applied the previous day.

The Customs duty rate reflects Nigeria’s daily exchange rate in the FX markets.

The naira gains in all markets

Meanwhile, the naira rallied to N1.494.03 per dollar in the official market on Thursday, February 20, 2025.

Also, the Nigerian currency rose in value in the parallel segment of the foreign exchange market, closing at N1,510 per dollar, narrowing the gap between the official and parallel market windows.

Findings show that the gap in the FX markets is closing due to various intervention policies of the Central Bank of Nigeria (CBN).

Available data shows that the naira appreciated by 1.04% at N1,494.03 per dollar, rising by 1.66% in the official market at N1,510.

The naira has continued to strengthen against the dollar, rising by 0.05% on the FMDQ Exchange, while the naira rose in the parallel market by 0.65% to N1,535 per dollar.

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Naira’s gain: Experts praise CBN

Experts had said that the current exchange rate of N1,500 is nothing to celebrate relative to April 2025 when the naira strengthened at N1,360 per dollar, emerging as the world’s best currency.

However, Janet Ogochukwu, economist and senior banker, attributed the current naira gain to policy implementation by the CBN, commending the apex bank for its effort to close the gap.

“The naira’s exchange rate is already converging in the FX market. The development will reduce volatility. However, the CBN can do more to prevent the markets from drifting further apart.

At some point, the gap was as wide as N100, which was concerning because investors also consider a country’s exchange rate system before investing,” she said.

Dollar falls in all markets

Legit.ng earlier reported that the naira’s value rose in the parallel segment of the foreign exchange market on Wednesday, February 19, 2025, as the US dollar hit a new low.

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Dollar falls in all markets as naira trades at new Rate, experts task FG to take action

The naira appreciated N1,550 per dollar in the black market with traders saying that demand pressure for the US greenback has reduced.

Data from Nairarates, the website publishing black market rates, shows that the currency dealers quoted the naira at a high of N1,545 and a low of N1,530 before settling at N1,550.

Source: Legit.ng