CBN Readjusts Customs Forex Import Duties as Dollar Crashes in All Markets

CBN Readjusts Customs Forex Import Duties as Dollar Crashes in All Markets

  • The Central Bank of Nigeria (CBN) has announced a new foreign exchange rate for Customs duties at Nigerian ports
  • The new rate increased by N26.52 from N1,250 to N1,330 per dollar following the naira’s recovery against the dollar
  • The move comes as Bureau de Change operators said the naira gained about N660 per dollar in the parallel market’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria has reviewed the current exchange rate for Customs import duties and cargo clearance upwards.

According to the Customs exchange rate portal information, the apex bank adjusted the rate from N1,250 to N1,330.36 per dollar as the Nigerian currency traded at N1,278 at the official window.

Customs duty rates changes
CBN announces changes to Customs FX rates for cargo clearance Credit: NurPhotos
Source: Getty Images

CBN adds N26.52 to Customs duties

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Naira makes biggest gain in months in official window, trades stronger in black market

The recent adjustment by the CBN reflects the current rate at which the naira trades with the US dollar.

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Reports say the CBN increased the import duties from N1,303.85 per dollar to the currency figure, indicating a rise of N26.52 as of March 31, 2024.

The Nigerian currency has been on an upward swing against the dollar since mid-March 2024, appreciating by over 21%.

Currency dealers under the aegis of the Association of Bureaux de Change Operators of Nigeria (ABCON) said their inclusion in the Forex market aided the naira’s recovery against the US dollar.

ABCON says the naira gained N660 per dollar

A statement by ABCON’s President, Aminu Gwadabe, said the recall of the BDCs boosted dollar liquidity at the retail market end of the forex market alongside the monetary policy tightening stance of the CBN.

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“Naira gains N660 against USD”: ABCON explains role of BDCs in boosting local currency

The development comes as the naira further appreciated in the black market to trade at N1,250 per dollar on Saturday, March 30, 2024, lower than the N1,269.765 rates CBN asked the BDCs to sell.

ThisDay reports that Gwadabe described the ongoing market reform as revolutionary and said a stable currency would attract more foreign investors and FX inflows to the economy.

The CBN had sold about $10,000 to each BDC operator in Nigeria at N251 per dollar, asking them not to pay more than N261 per dollar.

ThisDay also reports that Gwadabe said the naira appreciated from February’s low of N1,915 per dollar to the current rate of N1,255 in the parallel market, representing N660 gain.

FG removes the crucial penalty for imported vehicles previously reported that the Nigerian government had suspended the 25% penalty on improperly imported cars.

Abdullahi Maidawa, Customs national public relations officer, disclosed this recently.

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British pound crashes as naira gains over N200/£ amid CBN’s directives to banks, BDCs, others

He said the cancellation was approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.


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