CBN Updates Customs Duty Exchange Rate as Naira Strengthens Against Dollar
- The CBN has adjusted exchange rate, aiding importers as naira appreciates against the dollar
- Also, the naira ended January at N1,386 per dollar, marking a significant recovery in the foreign exchange market
- Nigeria's external reserves reached an eight-year high, boosting confidence in upcoming currency stability
The Central Bank of Nigeria (CBN) has released a revised exchange rate for the clearance of imported goods at Nigeria’s air and seaports, following the sustained appreciation of the naira against the US dollar.
The update reflects recent gains by the local currency at the official foreign exchange market and is expected to ease cost pressures for importers.
Source: UGC
Naira ends January on a strong note
The naira has enjoyed a bullish run in the closing weeks of January, ending the month at N1,386 per dollar, according to data from the Nigerian Foreign Exchange Market (NFEM).
This marks one of the currency’s strongest performances in nearly two years and signals a notable shift in market sentiment after months of volatility.
External reserves hit eight-year high
Analysts attribute the naira’s rebound largely to Nigeria’s improving external reserves position, which recently climbed to an eight-year high.
Stronger reserves have boosted confidence in the CBN’s ability to support the currency, while also improving liquidity at the official FX window.
New Customs exchange rate announced
Data from the Nigeria Customs Service trade portal shows that the CBN has fixed the exchange rate for customs duty clearance at N1,451.634 per dollar.
The adjustment means importers will pay less in naira terms when clearing goods, offering some relief at a time when import costs and inflation remain elevated.
Strong Weekly and Daily Gains at Official Market
At the official NFEM window, the dollar closed at N1,386.55 on Friday. This represents a gain of N35.08, or 2.53 percent, for the naira compared with the N1,421.63 recorded at the end of the previous week.
Trading data from the CBN shows that the currency opened the week at N1,418.95 before strengthening steadily to close at N1,386.55.
This translates to a weekly appreciation of N32.40, or 2.34 percent.
On a day-on-day basis, the naira also advanced on Friday, gaining N10.44 or 0.75 percent from Thursday’s closing rate of N1,396.99.
Improved confidence in FX market
The consistent upward movement of the naira points to improving confidence and liquidity in the official foreign exchange market.
Source: Getty Images
Market experts had earlier projected a stronger naira by the end of January, citing robust external reserves and tighter FX management as key drivers of the currency’s recovery.
Expert predicts new naira to dollar FX Rate in 2026
Legit.ng earlier reported that The naira is projected to trade between N1,350 and N1,450 per US dollar in 2026.
Yemi Kale, Chief Economist at the Africa Export-Import Bank (Afreximbank), made the projection while delivering the keynote address at the FirstBank Nigeria Economic Outlook 2026.
Kale outlined scenario-based forecasts for the USD/NGN exchange rate, taking into account oil prices, foreign-exchange (FX) inflows, inflation trends, and policy consistency.
Source: Legit.ng
