CBN Sets New Customs Exchange Rate at Over N1,500 as Naira Hits Record Low Against US Dollar

• The CBN has once again adjusted the official exchange rate for clearing imported goods in the country
• This is the sixth exchange rate change effected by the CBN since the start of 2024, bringing more headaches to importers
• A customs licenced clearing agent spoke to Legit.ng on the impact of the daily increase in import duty exchange rate

For the sixth time this year, the Central Bank of Nigeria (CBN) has increased the exchange rate for computing customs duties at the nation's seaports.

The rate was reviewed upward on Thursday morning, February 15, 2024, from N1, 481.482/$ to N1515.092/$.

The new rate was posted on the official trade portal of the Nigeria Customs Service on Thursday, February 15, 2024.

This means importers will pay more to clear their goods, as import duties are benchmarked against the dollar.

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A licensed customs clearing agent, Joe Madu, told Legit.ng that the rate changes bring uncertainty to Nigeria's business environment.

Many businesses are under serious pressure. There are so many abandoned containers at the ports, and we, as agents, are suffering too. If businesses don't clear their goods, no money is coming to us to feed our families.

"We are seriously planning a protest before things get out of hand. Today it is over N1,5000, what next tomorrow?"

Timeline on customs exchange rates changes in 2024

• On February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941/$ to N1, 356.883/$.
• On February 3, it was raised to N1, 413.62/$.
• On February 10, it was raised to N1,417.635/$.
• On February 12, it was reviewed to N1, 444.56/$.
• On February 14, the rate was raised to N1, 481.482/$.
• Today, Febuary 15, it has been increased to N1515.092/$.

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FX market sees surge in turnover as naira appreciates from N1,534 per dollar in official market

Naira to dollar exchange rate

The adjustments in Customs import duty follow the depreciation of the naira to a record low in the official market on Wednesday, February 14.

Data from FMDQ securities shows that he naira was sold at the Nigerian Autonomous Foreign Exchange Market (NAFEM) for as high as N1,582 against the US dollar before settling at N1503/$ at the close of business.

Used cars import drops

Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) said the value of used vehicles dropped by 47% in 2022, to N335.05 billion from N617.48 billion in 2021.

The NBS data revealed that used cars with diesel or semi-diesel engines cost around N72.32 billion to import in Q1 of 2022, N96.76 billion in Q2, about N90.77 billion in Q3 and N65.19 billion in Q4 of 2022, computing about N325.05 billion.

Source: Legit.ng