Importers to Pay Less As CBN Reduce Customs Rate to Clear Goods As Naira Appreciates against Dollar

• The CBN has made adjustments to the Customs exchange rate used by importers to clear goods at ports
• The new exchange rate reflects a slight reduction from the previous figure, following the improvement of the naira
• The Customs rate is pegged against the performance of the naira in the official NAFEX window against the dollar

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 reduced the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria's trade portal observed on Tuesday, March 25, the dollar exchange rate for import duty has dropped to N1530.68.

This represents a 0.37% lower rate when compared to the N1,536.39/$ displayed on Friday, March 22.

The Customs exchange rate for cargo clearance is set by the CBN relative to the current exchange rates.

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Naira continues free fall despite CBN intervention as demand for foreign exchange increases

In February 2024, the CBN instructed the Customs Service to apply the same forex rate used at the time of importation for goods clearance in Nigeria.

In a circular published on its website, the CBN stated that the FX rate at the point of importation should be used for import duty assessment until the final clearance is completed.

New naira to dollar exchange rate

The new Custom rate comes as the naira improves in value against the US dollar in the official Nigerian Foreign Exchange Market (NFEM), the previous day.

The Naira opened the week stronger against the US Dollar and the black market segments.

In the official FX market, CBN data shows that the naira strengthened by 0.31%, gaining N4.76 against the US dollar to close at N1,532.29/$1, as reported by the Central Bank of Nigeria (CBN). This marks an improvement from last Friday's rate of N1,537.05/$1.

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CBN releases new exchange rate as naira gains in official, black markets against major currencies

Against the Euro, the local currency appreciated by N1.98, trading at N1,655.83/€1 compared to the previous session's rate of N1,657.81/€1.

However, it depreciated against the Pound sterling, losing N7.86 to settle at N1,980.75/£1, down from N1,972.89/£1.

In the black market, the naira strengthened by N20 against the US dollar yesterday, closing at N1,570/$1, compared to the previous day's rate of N1,590/$1.

The forex market is still under pressure due to a spike in demand, but the recent injections by the Central Bank of Nigeria helped suppress it on Monday.

BOVAS, Eternal Oil, other companies import fuel

Legit.ng previously reported that major oil marketers have continued to import refined petroleum products despite Nigeria's increased local refining capability; in just five months, they imported 6.38 billion litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).

Fuel importers using limited foreign exchange imported more than 5.01 billion litres of petrol and 1.37 billion litres of diesel between October 2024 and November 2025.

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CBN reviews Customs exchange rates for cargo clearance as Naira crashes in all markets

With an average price of N900 per litre, importers may have spent N1.51 trillion on diesel at an average price of N1,100 per litre and N4.51 trillion on PMS imports. This represents a total of N6.02 trillion.

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

Source: Legit.ng