CBN Adjusts Customs Exchange Rate as Naira Soars with N12 Gain in Just Three Days
- The Central Bank of Nigeria (CBN) has adjusted the Customs exchange rate for cargo clearance to align with the naira’s gain
- The CBN set the Customs FX rate lower following the naira’s N12 gain in the FX market in three days
- The move positions importers to pitch a lower FX rate to clear cargoes at Nigeria’s seaports and airports
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Central Bank of Nigeria (CBN) has released a new exchange rate for cargo clearance at Nigeria’s air and seaports.
The new Customs exchange rate comes as the Nigerian currency, the naira, has maintained its strong position in the foreign exchange market, gaining N12 in three days.
Source: Getty Images
CBN reduces the Customs rate
Experts have attributed the naira’s gain to the CBN’s sweeping reforms, foreign exchange inflows, and foreign portfolio investments (FPIs), all signalling renewed confidence in the Nigerian economy.
According to data on the Nigerian trade portal, the apex bank fixed the Customs exchange rate to clear cargoes at N1,470.589 per dollar.
The move aligns with the local currency’s rebound in the exchange market.
This means that importers opening Form M, a crucial Customs document for cargo clearance, will pay less than those who opened three days prior.
The naira’s three-day gain at a glance
Data from the Nigerian Foreign Exchange Market (NFEM), as released by the CBN, shows that the naira has gained consecutively for three days.
On Wednesday, October 8, 2025, the naira gained N3 to close at N1,469 per dollar from N1,471, and on Thursday, October 9, 2025, it gained N5, closing at N1,464, while on Friday, October 10, 2025, it rallied, gaining N7 against the US dollar.
The CBN sets the Customs exchange rate to align with the prevailing market rate, with people saying that the financial sector regulator should fix the Customs rate monthly or quarterly to ease volatility.
Nigeria's currency, one of the most competitive
A prior report by Legit.ng disclosed that the naira emerged as the world’s most competitive currency, hitting a two-decade high.
They say this milestone signals a turning point for one of Africa’s largest economies, one powered by reform, resilience, and growing investor confidence.
Yemi Kale, Group Chief Economist and Managing Director at Afreximbank, made this revelation at The Platform Nigeria event in Lagos, describing the naira’s current exchange rate as “arguably the most competitive in two decades.”
Experts rate the naira’s performance
According to Kale, Nigeria’s foreign exchange market has been liberated from years of distortions.
The country no longer sells scarce dollars at subsidised rates, freeing exporters from the burden of an overvalued currency.
Source: Getty Images
This has made Nigeria’s economy more flexible and responsive to global shocks.
Naira gains against USD: Global investors return
Legit.ng earlier reported that after three days of sustained depreciation, the naira bounced back against the US dollar on Wednesday, October 8, buoyed by renewed foreign investor confidence and an improved supply of foreign exchange.
At the Nigerian Foreign Exchange Market (NFEM), the local currency gained 0.03% to close at ₦1,470.62 per dollar, compared to ₦1,475 recorded earlier in the week.
The naira also appreciated at the parallel market, rising 0.12% to close at ₦1,492, narrowing the gap between official and street rates to about ₦20.
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Source: Legit.ng
