CBN Reviews Customs Exchange Rates For Cargo Clearance as Naira Crashes in All Markets
- The Central Bank of Nigeria (CBN) has reviewed the Custom Exchange Rate to clear goods in the FX market
- The apex bank raised the Customs rate following the depreciation of Nigerian currency in the FX market
- The naira plummeted in the official Nigerian Foreign Exchange Window (NFEM) to trade at N1,530.89 per dollar from N1,530
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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 released a new exchange rate for cargo clearance at Nigerian ports following the depreciation of the naira in all foreign exchange markets.
The apex bank fixed the Customs rate at N1,536.39 per dollar from N1,530 the previous day.
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The new Customs rate equals NFEM
The new Customs exchange rate is the same as the naira rate in the Nigerian Foreign Exchange Market (NFEM), released by the CBN on Friday, March 21, 2025.
The data, obtained from the Customs trade portal, is now N6 higher than the previous rate of N1,530 per dollar.
The Central Bank of Nigeria (CBN) sets the customs duty rate using the closing rate of the naira against the dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from CBN showed that the naira depreciated on Friday, March 20 to trade at N1,536.89 per dollar, relative to N1,530 it traded the previous day.
CBN aims at naira stability with reforms
The Friday exchange rate comes amid consistent depreciation of the naira against major currencies.
The development comes amid plans by the CBN to stabilise the Nigerian currency via various reforms.
The nation’s financial sector regulator introduced a series of reforms including the launch of the FX Code to enhance transparency and boost market confidence.
Experts have said that the naira may have found its footing in the FX market after devaluation by the Nigerian government.
The local currency has continued to trade at the N1,500 per dollar threshold, a development financial experts say shows stability.
Importers to pay more
Customs adopt the closing FX rate on the date of opening Form M for the importation of goods, as the FX rate to be used for Import Duty Assessment.
This exchange rate remains valid until the date of termination of the importation and clearance of goods by importers.
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It is fixed by the CBN in response to the prevailing exchange rate, with analysts calling the bank and Customs to release the FX rate for cargo monthly or weekly.
CBN adjusts exchange rates as the naira depreciates
Legit.ng earlier reported that the Nigerian naira depreciated slightly in the official Nigerian Foreign Exchange Market (NFEM) on Monday, March 18, 2025.
Compared to Friday, March 14, 2025 rate, the naira fell to N1,549 to a dollar. Currency dealers quoted the dollar at a high of 1,552 to a dollar and a low of N1,512.
Read also
CBN releases new exchange rate as the naira rises in official window, falls in black market
However, the naira reversed its losses in the parallel market, trading at N1,590 from N1,600 it traded the previous day.
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Source: Legit.ng
