CBN Adjusts Import Duty Rate Slightly as Naira Strengthens in Official Market

• The Central Bank of Nigeria (CBN) has adjusted the foreign exchange rate for import duty at Nigeria’s ports
• The apex bank raised the rate from N1,546.84 to N1,548.53 per dollar after the naira traded flat in the official FX market
• However, the naira recovered against the dollar on Wednesday, June 25, 2025, closing at N1,549 per dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian Customs Service exchange rate for duty clearance has been increased by the Central Bank of Nigeria (CBN).

The change came amid relative stability of the Nigerian currency, the naira, in the official and black market windows.

The naira trades flat in the FX market

The naira traded flat on Tuesday, June 24, 2025, closing at N1,550 per dollar, the same as Monday’s rate.

However, data from the federal government’s trade portal shows that the apex bank increased the foreign exchange rate for import duty from N1,546.84 to N1,548.53 per dollar.

The development means that importers opening Form M, a crucial document for importers, will pay more as of Wednesday, June 25, 2025.

Importers to pay more for import duty

The new import duty rate comes after the CBN reportedly intervened in the foreign exchange market, injecting forex to stabilise the local currency.

The financial sector regulator fixes the import duty rate relative to the prevailing exchange rate, mostly for the previous day.

This means that a weak naira translates to a higher forex rate for importers.

The naira appreciates

Meanwhile, the naira appreciated on Wednesday, June 25, 2025, closing trading at N1,549 per dollar from N1,550, it traded the previous day.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that the dollar traded at an intra-day high of N1,553 per dollar and a low of N1,548.

The naira’s appreciation came as international crude oil prices slumped by eight per cent, according to market data.

However, despite the eight per cent fall in global crude benchmarks between June 23 and 24, 2025, depot prices for petrol and diesel dropped marginally by two per cent, Legit.ng reported.

Experts say the new price adjustment shows a disconnect between international market trends and local costs.

Depot owners slow to adjust prices

While global crude oil prices eased, depot owners in Nigeria appear to be cautious, raising concerns about transparency and market responsiveness in the downstream sector.

The slight reduction has caused pushback from consumers and market analysts, who say depot owners rush to raise prices but are reluctant to lower them, especially following the drop in crude prices.

Naira rebounds in official window

Legit.ng earlier reported that the Nigerian currency, the naira, rose against the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Friday, June 20, 2025.

The official exchange rate closed at N1,547 per dollar at NFEM, from N1,551.85 it traded the previous day.

The naira experienced renewed volatility in the FX market in the past week, stabilising at N1,551 between Wednesday and Thursday.

Source: Legit.ng