CBN Releases New Dollar Rates to Clear Goods at Nigerian Ports as Naira Depreciates

• The Central Bank of Nigeria (CBN) has slightly increased the Customs exchange rate for cargo clearance at Nigerian ports
• Information from the Customs trade portal shows that the CBN fixed the rate at N1,590.247, up from N1,579.241
• The exchange rate adjustment by the CBN comes amid the renewed naira depreciation in the official market

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

The Central Bank of Nigeria (CBN) has increased the Customs foreign exchange rates for cargo clearance at Nigeria’s sea and airports.

The new rate comes amid the naira’s depreciation in the Nigerian foreign exchange market.

The Customs rate is lower than the official rate 

Data from the Customs trade portal shows that the apex bank increased the rate to N1,590.247 per dollar, up from N1,579.241.

The current rate is lower than the prevailing exchange rates at the Nigerian Foreign Exchange Market (NFEM), the official window for FX trading in Nigeria.

Importers to pay more as the naira depreciates

The development means that importers will pay more to open Form M, a document required for cargo clearance by the Nigeria Customs Service.

CBN fixes the Customs rates in line with the previous day’s FX rate, meaning it is dependent on the naira’s performance against the US dollar.

Meanwhile, the naira experienced another round of depreciation in the Nigerian Foreign Exchange Market (NFEM) on Wednesday, May 28, 2025.

The local currency, which experienced an all-week rally last week, fell against the dollar, trading at N1,592 per dollar.

CBN intervenes in the FX market

The naira has continued to depreciate at NFEM since this week despite interventions by the Central Bank of Nigeria (CBN), which sold $50 million to authorised dealer banks, Legit.ng reported.

The $50 million injection by the apex bank came after CBN sold $190 million to dealers the previous week.

At the end of trading on Wednesday, May 28, 2025, currency dealers quoted the naira at a high of N1,595 and a low of N1,589.

Experts have urged the CBN to expedite action and look for an alternative to prevent the local currency from falling above the N1,500 ceiling.

According to them, the naira became competitive due to the FX policies of the CBN, which boosted investors’ confidence, drew more portfolio investors into the FX market.

AfDB predicts weaker naira in 2025

A previous report by Legit.ng disclosed that the second half of the year will be challenging for the Nigerian currency, the Ghanaian cedi and 19 other African currencies.

This is based on a projection by the African Development Bank (AfDB), which predicted that the naira will decline by at least six per cent between 2025 and 2026.

CBN raises hopes as AfDB predicts naira’s crash

The bank’s prediction follows Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), stating that the naira is now globally competitive and that the volatility in the foreign exchange market has significantly diminished.

Cardoso said the volatility declined by about 0.5%, citing improved monetary and fiscal reforms.

However, despite Cardoso’s optimism, the AfDB’s reports projected currency depreciation for 21 African countries in 2025, including Nigeria, Egypt, Ethiopia, Ghana, Libya, Rwanda, Zambia, and Zimbabwe, where currency depreciations are expected to reach six per cent.

10 strongest currencies in Africa in May 2025

Legit.ng earlier reported that according to a new ranking, in April 2025, the Tunisian Dinar strengthened, emerging as Africa’s strongest currency at 2.95 per dollar.

The Tunisian currency’s gain was attributed to tight foreign exchange regulations, monetary policy tightening, and a stable economic environment.

The dinar and other African currencies, such as Libya, Morocco, and Botswana, have remained strong.

Source: Legit.ng