Naira’s Gain: CBN Crashes Dollar for Importers, Releases New Exchange Rates For Cargo Clearance

• The Central Bank of Nigeria (CBN) has adjusted the foreign exchange rate for Customs duty following the performance of the naira
• CBN fixed the FX rate for Customs duty at N1,491.991 from N1,498 per dollar despite the naira’s crash on February 28, 2025
• The development means importers will pay less to clear their goods relative to those who opened Form M earlier

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 foreign exchange for Customs duty amid the depreciation of the naira on Friday, February 28, 2025.

Importers who opened Form M on Friday, February 28, 2025, will pay less than those who opened on Thursday, February 27, 2025.

Experts ask CBN to fix quarterly Customs rate

Customs duty is a levy paid on imported products and a major source of the nation’s revenue. 

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CBN releases new exchange rates for naira against dollar, pound, euro

The apex bank fixes the rate in line with the prevailing exchange rate. However, experts have advocated for a monthly or quarterly FX rate for Customs duty.

Data from the Customs trade portal shows that the CBN fixed the Customs duty at N1,491.991 to a dollar from N1,498 on Wednesday, February 26, 2025.

Naira depreciates slightly

The development comes amid the depreciation of the naira on Friday, February 28, 2025.

The Nigerian currency traded weaker on Friday, depreciating by N4, relative to the previous day’s rate.

According to information from the Nigeria Foreign Exchange Market (NFEM), the naira exchanged N1,500 per dollar from N1,496 the previous day.

The naira opened Friday’s trading positively at N1,492.49 to the dollar as currency dealers quoted the dollar at a high of N1,504 and a low of N1,490 per dollar.

The naira is expected to continue its strong performance against the US dollar and other major currencies.

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Importers to pay less as CBN adjusts Customs Exchange rate amid dollar's fall in all markets

Naira’s rate: CBN’s EFEMS boosts transparency

Legit.ng previously reported that the naira has remained strong against major currencies since the CBN launched the Electronic Matching System on December 2, 2024.

The apex bank mandated all banks and authorised dealers in the interbank foreign exchange market to migrate to the Bloomberg BMatch System for trading to boost transparency and efficiency.

The euro also crashed in the parallel market, closing at N1,525 on Monday, February 24, 2025, trading at N1,600 per euro.

The Canadian dollar also traded low in the black market at N1,100 to CAD as of Monday, February 24, 2025.

Since the EFEMS commenced, the Nigerian currency has gained N157.50 against the US dollar, representing a 10.48% gain relative to the N1,660 it traded on December 2, 2024.

Black market, official windows sell dollar the same rate

Legit.ng earlier reported that in the past 18 months, the Central Bank of Nigeria has carried out policy implementations, market liberalisation, and enhanced transparency to address exchange rate differences.

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Dealers raise dollar exchange rate in black market as naira gains in CBN’s official market

Zeal Akaraiwe, the CEO of Graeme Blaque, disclosed in a recent TV interview how the apex bank achieved the naira stability.

This year, the parallel market rate has appreciated steadily, stabilising at the N1,500 per dollar ceiling.

Source: Legit.ng