CBN Refuses to Adjust FX Rates For Cargo Clearance Despite Naira’s Gain in All Markets

• The Central Bank of Nigeria (CBN) has left the Customs Exchange Rates unchanged despite the naira’s gains
• CBN fixed the FX rate cargo clearance at N1,591.50 per dollar as of Friday, April 11, 2025, an increase from the previous rate
• The Nigerian currency appreciated against the naira on Friday, April 11, 2025, closing at N1,626 from N1,630.500

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 left the Customs foreign exchange rate for cargo clearance unchanged despite the naira’s appreciation in the official and parallel markets.

The Nigerian currency appreciated for the second consecutive day on Friday, April 11, 2025, rising from N1,635 to N1,626 per dollar in the official FX market.

The naira appreciates in FX markets

The naira had depreciated to near N1,700 when it traded at N1,644 per dollar on Wednesday, April 9, 2025, the lowest in four months.

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Experts have feared that the local currency has crossed the N1,500 per dollar ceiling it had traded since November 2024, which means the return to volatility.

The latest fall comes amid tariff increases by the US government, which currency watchers say may have affected the naira’s performance against other currencies.

CBN raises FX rates for cargo clearance

However, data from the Customs trade portal shows that the CBN had fixed the Customs exchange rate for cargo clearance at N1,591.35 per dollar as of Friday, April 11, 2025.

The latest rate is an increase from N1,566.52 per dollar, the apex bank left it on April 7, 2025, when the naira traded at N1,625.

The Nigeria Customs Service (NCS) exchange rate for import duties collection rose due to the performance of the naira. 

The Naira depreciated 1.05%, or N16.97, against the US Dollar at the Nigerian Foreign Exchange Market (NAFEM) on Thursday, April 10. 

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The naira falls off the N1,500 ceiling

It exchanged at N1,629.94/$1, compared with the previous day’s rate of N1,612.99/$1. 

In the same official market, CBN, however, the Nigerian currency traded flat against the Pound Sterling and the euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.

Legit.ng reported that the naira had stabilised on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate against his sweeping duties announced a week ago.

Dollar soars in official forex window

Legit.ng previously reported that the Nigerian currency, the naira, crashed again on Wednesday, after a brief reprieve in the Nigerian Foreign Exchange Window (NFEM) on Wednesday, April 9, 2025.

The naira’s crash comes as crude oil prices fell to pandemic levels following the trade war between the United States and China, as both countries intensified tariff hikes.

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Naira gains against dollar as CBN reports highest remittance inflows in 5 years

Analysts say the global tariff hikes slapped on countries by President Donald Trump will cause further shocks to economies and currency fluctuations.

Source: Legit.ng