FX Dealers Raise Dollar Prices After CBN Cuts Customs Rates For Importers as Naira Depreciates

• The Central Bank of Nigeria (CBN) has adjusted the Customs foreign exchange rate for cargo clearance
• CBN crashed the dollar to N1,491 per dollar from N1,498 on Tuesday, March 4, 2025, for importers
• The development is a result of the appreciation of the naira at N1,499 per dollar on Monday, March 3, 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 crashed the US dollar for Customs duty following the rallying of the Nigerian currency.

The apex bank released the new Customs foreign exchange rate on Tuesday, March 4, 2025, after the naira appreciated against the dollar on Monday, March 3, 2025.

CBN lowers Customs rate for import duty

CBN fixed the Custom Forex rates at N1,491.17 per dollar, down from N1,498.481 on Monday, March 3, 2025, information from Nigeria's trading portal shows.

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The Customs rates are fixed relative to the prevailing forex rate in the Nigerian Foreign Exchange Market (NFEM).

It determines the rate at which importers clear their cargoes from Nigeria’s ports.

The development means that importers who opened Form M on Wednesday, March 5, 2025, for cargo clearance will pay N7 less than those who opened the previous day.

Nigerians ask for quarterly Customs FX rates

The Nigeria Customs Service had explained that it was not responsible for fixing the exchange rate for cargo clearance, saying the apex bank determines the rates for importers.

The Customs statement comes amid calls by Nigerians to fix the Customs FX rate every quarter to avoid cargo losses and price fluctuations.

The naira closes negative in all markets

Meanwhile, the Nigerian currency, the naira, depreciated slightly at NFEM on Tuesday, March 4, 2025. opened

The naira closed negative at N1,502 per dollar from N1,499 it traded the previous day.

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CBN slashes customs dollar exchange rate to clear goods at ports

Currency dealers quoted the dollar at a high of N1,503 and a low of N1,490 per USD.

The naira also fell in the parallel segment of the foreign exchange market, trading at N1,515 per dollar from N1,510 the previous day.

The gap between the market widens again

Consequently, the gap between the parallel market and the official window grew to N13 per dollar.

There is a noticeable decline in the naira’s volatility in the FX markets, which experts say is a sign of stability.

The naira has hovered at N1,500 in the official and parallel market windows since January, boosting confidence in the markets.

Driven by a raft of policies introduced by the CBN, the naira has stabilised, giving hopes of further economic improvements.

CBN data shows that the naira stabilised for most of February, hovering around the N1,500 ceiling, which analysts say is a sign of reduced volatility.

Legit.ng reported that the naira recorded its highest peak in February when it traded at N1,495 to a dollar on February 26, 2025, while its lowest fall was on February 13, 2025, when it depreciated to N1,515.

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Naira’s gain: CBN crashes dollar for importers, releases new exchange rates for cargo clearance

CBN adjusts exchange rates for cargo clearance

Legit.ng previously reported that 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.

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

Proofreading by Muhammed Kola, copy editor at Legit.ng.

Source: Legit.ng