CBN Adjusts Exchange Rate to Clear Goods as Customs Introduces 4% FOB Charge

• The Central Bank of Nigeria (CBN) has adjusted the Customs Exchange rate for import duty amid the naira’s stability
• The new rate shows the amount importers will pay to clear goods from Nigerian seaports and airports
• The development comes as the Customs reintroduced the controversial 4% Free on Board (FOB) charge for importers

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

CBN pegs new Customs exchange rate

The Central Bank of Nigeria (CBN) has fixed the Customs exchange rate for import duty at ₦1,532.682 per dollar, slightly lower than the official exchange rate of ₦1,534.90 recorded on Friday, August 8, 2025.

The new rate, posted on the federal government’s trade portal, determines how much importers pay to clear goods at Nigerian seaports and airports.

It means importers opening Form M will pay marginally less than the official forex rate for duty calculations.

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Customs Reintroduces 4% FOB Levy

In a separate development, the Nigeria Customs Service (NCS) has quietly reintroduced the suspended 4% Free on Board (FOB) levy on imported goods.

The charge, which came into effect on Monday, August 4, 2025, applies to the value of goods plus transportation costs to the port of loading.

It follows earlier proposals in February 2025, which were suspended after public outcry, and later revived after consultations with stakeholders and the House of Representatives Committee on Customs.

Freight forwarders cry foul

Clearing agents say the levy was inserted into the cargo clearance system without proper notice, leading to sudden spikes in duty charges.

A Lagos-based agent, Subairu Abdul, said his duty jumped from ₦7 million to ₦10 million within days.

“It is true. The 4% FOB has been introduced,” he confirmed. Another freight forwarder, Joy Onome Monije, added that a previously scrapped 7% surcharge still appears on the Customs portal.

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Why Customs says it’s needed

Customs Comptroller General, Adewale Adeniyi, said the levy is necessary to modernise operations and fund the indigenous B’Odogwu trade platform.

He noted that the previous 1% CISS levy supported earlier reforms but that the shift to technology-driven systems requires more funding.

Adeniyi, who also chairs the World Customs Organisation, urged businesses to support the changes, saying they will speed up clearance times and improve service delivery.

Legal backing for new charges

Part V, Section 18 of the Customs Act 2023 mandates the NCS to collect at least 4% of the FOB value of imports into designated accounts.

Customs says the levy aligns with this legal provision and forms part of broader reforms to boost efficiency in Nigeria’s import process.

Naira holds strong as CBN pumps $150 million into banks

Legit.ng earlier reported that the Nigerian naira ended the week on a stable note at the Nigeria Foreign Exchange Market (NFEM) following a significant dollar intervention by the Central Bank of Nigeria (CBN).

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Bismark Rewane forecasts naira to dollar exchange rate

CBN data revealed that the official exchange rate closed at N1533.56 per dollar on Friday, barely changed from the previous day’s N1533.73.

The CBN’s latest intervention saw $150 million injected into authorised dealers, including major banks such as Access Bank, Zenith Bank, and United Bank for Africa (UBA).

Source: Legit.ng