CBN Crashes Dollar For Importers as Naira Appreciates in Official and Black Markets

• The naira has continued to surge against the US dollar, appreciating for most of last week after experiencing mild volatility
• The new exchange rate reflects the interventions of the Central Bank of Nigeria (CBN) to boost the naira’s value against the dollar
• Also, the CBN slashed the forex rate for import duty, meaning that importers will pay less to open Form M, an essential document on cargo clearance

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

The Nigerian currency rallied against the US dollar for two consecutive days on Thursday, June 26 and Friday, 27, 2025, closing the week strong in the official window.

The naira appreciated following the intervention of the Central Bank of Nigeria in the foreign exchange market.

Naira’s gain: A new dawn for Nigerians?

At the close of trading on Friday, June 27, the local currency inched higher, closing at N1,537.90 against the US greenback from N1,547 per dollar, the previous day.

The naira has remained largely stable, gaining for most of last week against the dollar.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that currency dealers quoted the dollar at an intraday high of N1,547 and a low of N1,535.90.

The naira appreciates in the black market

Experts said the new exchange rate is a good omen for importers grappling with high import costs due to FX scarcity.

The naira also rallied in the parallel segment of the foreign exchange window, known as the black market.

On Friday, June 27, 2025, the naira appreciated from N1,580 per dollar to N1,575, representing a gain of N25 in the parallel market.

The margin between the parallel market and NFEM rate widened to N38 per dollar from N37 per dollar on Thursday, June 26, 2025, Vanguard reports.

The naira’s gain: What it means for importers

Consequently, the CBN lowered the Customs foreign exchange rate for import duty.

Data from the federal government’s trade portal shows that the apex bank slashed the import duty rate from N1,548 per dollar to N1,538.

The development means that importers opening Form M from Monday, June 30, 2025, will pay less than those who applied a day prior.

The CBN is responsible for fixing the FX rate for import duty, which is based on the day’s prevailing rate in the official window.

There have been calls for the apex bank to fix the import duty rate monthly or quarterly to check the rising prices of imported products.

Naira appreciates in black market, narrows the gap

Legit.ng earlier reported that the Nigerian currency, the naira, rallied against the dollar in the parallel market on Thursday, June 26, 2925, narrowing the exchange rate gap between the black market and the official window.

According to data from FX trading platforms and street traders, the naira strengthened to N1,575 per dollar in the black market, representing an N35 gain, or 2.2% relative to the N1,610 recorded at the beginning of June.

It also shows a 0.6% gain from N1,585 traded on Tuesday, June 24, 2025.

Source: Legit.ng