CBN Announces New Customs Exchange to Clear Goods as Dollar Crashes in All FX Markets

• The Central Bank of Nigeria (CBN) has reduced the Customs exchange rates to clear cargoes at Nigeria’s ports
• Data from the federal government trade portal shows that CBN slightly reduced the dollar rate for cargo clearance
• The development follows the appreciation of the naira against the US dollar in the foreign exchange markets

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs exchange rates for cargo clearance at ports and airports.

The apex bank adjusted the rates following the appreciation of the Nigerian currency, the naira against the US dollar in the official and parallel markets.

Importers pay less to clear goods

Data from the federal government's trade portal shows that the current rate is slightly lower than the naira’s rate in the official window.

Read also

Experts advise Nigerians on what to do as Naira gains 9%, steadies across markets

According to the data, the CBN has announced that importers opening Form M from Monday, February 24, 2025, will pay N1500.23 per dollar to clear their cargoes.

This new rate represents a 0.52% reduction compared to the N1508.164 importers paid the previous Monday.

What is Form M?

Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria.

This is initiated electronically on a trade portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service.

Naira's strong performance against US dollar

The naira has recorded a strong performance against the U.S. dollar across all foreign exchange markets.

Information from the Central Bank of Nigeria (CBN) indicates that the naira appreciated to N1,502 per dollar week-on-week, gaining 0.56% or N8.50 compared to the N1,511 it closed at the previous week in the Nigerian Foreign Exchange Market (NFEM).

Read also

New exchange rate: Dollar falls in all markets as naira strengthens amid declining reserves

Currency dealers quoted the dollar at a high of N1,509, lower than the N1,520 quoted the previous week.

On Friday, February 21, 2025, the naira traded at N1,491 per dollar, compared to N1,500 at NFEM.

It was the same scenario for the naira in the parallel segment of the foreign exchange market, the local currency appreciated by N45, or 2.0%, as buyers and sellers quoted the U.S. dollar at N1,510 on Thursday, February 20, and Friday, February 21, 2025.

The Nigerian currency has recorded an improvement since the CBN mandated traders to migrate to the Electronic Foreign Exchange Matching System (EFEMS) through the Bloomberg BMatch system.

Nigerian firm predicts new naira to USD exchange rate by March

Legit.ng earlier reported that Comercio Partners Limited, a leading investment banking firm, has projected that the naira would close at N1,700 per dollar in the first half of 2025.

The firm made this prediction in its 2025 Macro Economic Outlook report, titled "Looking Forward to the Future."

Read also

Naira gaining as CBN adjusts Customs exchange rate to clear goods at Nigeria’s ports

Comercio stated that the current appreciation of the naira was due to Eurobond issuance, adding that the depreciation of the naira remained inevitable.

Source: Legit.ng