CBN Adjusts Customs Exchange Rates to Clear Goods as Naira Records Highest Weekly Fall
- The Central Bank of Nigeria (CBN) has adjusted the Customs exchange rates for cargo clearance due to the naira’s depreciation
- The apex bank fixed the exchange rate for import duty at N1,610.681 to the dollar, lower than the current FX rate
- The development comes as the naira depreciated to N1,606 per dollar in the Nigerian Foreign Exchange Market (NFEM)
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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 adjusted the Customs exchange rate for cargo clearance at Nigeria’s ports following the naira’s depreciation against the dollar.
The apex bank is responsible for fixing the exchange rates at which importers clear goods from Nigeria’s air and seaports.
Source: Getty Images
CBN fixes new FX rates for cargo clearance
According to data from the Customs trade portal, the exchange rate to clear goods was set at N1,601.681 to the dollar by the CBN.
The development means importers opening Form M, a critical document for cargo clearance, will pay less than the current exchange rate.
The apex bank fixes the Customs forex rate in line with the day’s prevailing rate, reflecting the movements in the Nigerian Foreign Exchange Market (NFEM).
The naira depreciates
The development comes as the naira experienced its worst fall on Friday, May 2, 2025, as trading resumed after Workers Day celebrations.
The Nigerian currency depreciated to N1,606 per dollar, down from N1,602 the previous day.
The depreciation represented 0.34% at NFEM amid CBN’s reforms.
Data from CBN’s portal shows that currency traders quoted the dollar at a high of N1,606.50 per dollar and a low of N1,600, before closing at N1,606.
Meanwhile, the naira remained stable at the parallel segment of the foreign exchange market at N1,610 to the dollar.
The development means that the margin between the official and black market rates stands at N4.
Nigeria’s external reserves depreciate
Experts have decried the return of volatility in the Nigerian exchange rate market, citing falling crude oil prices and the effect of Donald Trump’s tariffs.
They say the development has depleted Nigeria’s forex reserves as the CBN has had to defend the naira from the reserves.
The country’s external reserves depreciated to $37.9 billion as of April 30, 2025, according to reporting by Bloomberg.
The naira has lost about 71% of its value relative to the dollar since June 2023, when the current government embarked on a currency reform.
Oil prices decline, affecting the naira
Oil prices have seen the biggest decline in almost four years after Saudi Arabia disclosed plans to produce more and expand its market share.
Nigeria’s Brent crude sold for $61.86 per barrel, while WTI crude slipped to $58.21, the lowest since March 2021.
The fall represents a contrast to the market’s performance experienced earlier this year, when prices were about $75 per barrel.
Source: Getty Images
The shift has upset market dealers and shifted global trade dynamics after traders positioned themselves for potential supply disruptions due to the Middle East conflicts.
In early April, Saudi Arabia moved to increase its OPEC+ production in May.
Naira crashes against the US dollar
Legit.ng earlier reported that the Nigerian naira depreciated slightly against the United States dollar in the official market.
Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,606 per dollar at the end of trading on Friday, May 2.
Friday's exchange rate is a 0.24% depreciation for the naira when compared to the previous day's closing rate of N1,602 recorded in the official market.
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Source: Legit.ng
