CBN Fixes New Dollar Rate For Importers as Naira Gains Close Official and Black Market Gap

• The Central Bank of Nigeria (CBN) has released a new FX rate for cargo clearance at Nigeria’s sea and airports
• Data from the federal government’s trading portal shows that the new Customs rate corresponds with the official window
• The move comes as the naira traded strongly against the US dollar throughout last week, closing the exchange rate gap

The Central Bank of Nigeria (CBN) has collapsed the FX rates for importers into the official window, following the recent gains of the Nigerian currency.

The development comes amid the naira’s gains in the FX markets since last week.

Data from the Nigeria Customs Service official trade portal shows that the CBN matched the exchange rate for cargo clearing with the official forex window.

Importers to pay less to clear goods

Findings show that the apex bank fixed the FX rate for cargo clearance at N1,528 per dollar, the same rate as the current official exchange rate.

CBN is responsible for fixing the exchange rate for Customs duty and sets it in line with the prevailing official rate.

The development means that importers who opened Form M, an essential document for cargo clearance, will pay the same rate as the average FX buyer sourcing for FX.

FX rate closes gaps

A prior report by Legit.ng disclosed that the Nigerian currency, the naira, traded strongly against the US dollar last week as the gap between the official and black markets significantly closed to N2 by the end of trading on Friday, July 4, 2025.

Last week, the naira gained against the dollar in four out of the five trading sessions at the Nigerian Foreign Exchange Market (NFEM).

The naira maintains week-long gains against the USD

After five days of successive gains, the local currency’s spot rate dipped to N1,528.56 per dollar at NFEM, while the black market rate settled at N1,530.

Experts say the reduced gap would ease speculations, with the Central Bank of Nigeria’s (CBN) efforts to remove market distortions from the supply end.

The naira opened quietly, trading at N1,525 and N1,535, due to sell-offs from foreign portfolio investors (FPIs) and interbank traders positioning ahead of the apex bank’s OMO auction.

Naira vs dollar: What’s driving the surge?

Market Forces Africa reported that with sufficient volume, the FX rate settled below N1,530 per dollar midweek, supported by inflows from FPIs and oil-exporting companies.

AIICO Capital analysts disclosed that the naira stayed strong despite the absence of CBN’s intervention since June 20, 2025.

They reported that the fixings traded downward across sessions, showing organic strengthening of the local currency, with trades even settling below N1,500 per dollar.

At the end of the week, the naira appreciated by 69.3 basis points week-on-week to close at N1,528.56 to a dollar, while the foreign exchange reserves depreciated by $138.30 million to $37.181 billion, showing sustained demand and tight central bank supply.

CBN slashes exchange rate to clear goods at ports

Legit.ng earlier reported that the Nigeria Customs Service has adjusted the exchange rate for calculating import duties at the nation's seaports and airports.

Data obtained from the federal government trading portal showed that as of Sunday, June 15, 2025, importers will be charged N1,548.85 per dollar for import duty.

The new rate represents a 0.24% reduction from the previous rate of N1,552.61 per dollar on Sunday, June 8.

Source: Legit.ng