- The Central Bank of Nigeria has adjusted the Customs exchange rate for duty clearance close to par with the official market
- The CBN adjusted the rate to N1,498 per dollar from N1,500 following the rise in the naira’s value
- The naira has appreciated against most currencies since CBN introduced a raft of policies to prop up its value
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 crashed the Customs foreign exchange rate for cargo clearance slightly above the official window.
CBN fixed the daily Customs exchange rate at N1,498 per dollar, down from N1,500 the previous day.
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Naira rallies against the dollar
Data from the Customs trade portal reveals that the new exchange rate came amid the strengthening of the naira in the official and black market windows.
The Nigerian currency has been appreciating against the dollar and other major currencies recently, leading to the Customs rate adjustment by the apex bank.
Information from the Nigerian Foreign Exchange Market (NFEM) shows that the naira rose in value on Wednesday, February 26, 2025, to trade at N1,495 per dollar from the N1,500 it traded the previous day.
The development means that importers opening Form M for cargo clearance on Thursday will pay less than those who opened two days earlier.
The naira’s gains have been hailed by experts who attributed it to various reforms by the CBN.
The naira appreciates against other currencies
Legit.ng previously reported that the naira has remained strong against the British pound sterling, the euro and the Canadian dollar since the CBN launched the Electronic Matching System on December 2, 2024.
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The apex bank mandated all banks and authorised dealers in the interbank foreign exchange market to migrate to the Bloomberg BMatch System for trading to boost transparency and efficiency.
The platform went live on December 2, 2024, and boosted transparency and operational efficiency in Nigeria’s forex market.
Due to this, the Nigerian naira rose in value against the British pound sterling by N209.01 to a pound, representing an 11.02% gain.
CBN data shows the pound was quoted at N1,896.62 as of February 21, 2025, relative to N2,105.63 on December 2, 2024, when the EFEMS was launched.
Since the EFEMS commenced, the Nigerian currency has gained N157.50 against the US dollar, representing a 10.48% gain relative to the N1,660 it traded on December 2, 2024.
Customs announces changes to 4% FOB Charge
Legit.ng earlier reported that the Nigeria Customs Service (NCS) has said all import declarations made during the initial implementation period of the four per cent Free-on-Board charge on imports have been cancelled.
Customs national public relations officer, Abdullahi Maiwadam revealed this on Monday, February 24, 2025.
The NCS spokesman said that the measure is necessary to ensure clarity, and consistency in Customs operations, and prevent any disruption in clearance processes.
