CBN Releases New Customs Rate to Clear Goods as Dollar Crashes against Naira

• The Central Bank of Nigeria (CBN) has lowered the Customs foreign exchange for cargo clearance at Nigeria's ports
• The apex bank fixed the new Customs duty rate at N1,552.616 per dollar following the naira's appreciation
• The Nigerian currency gained massively against the US dollar on Thursday, June 6, 2025, closing at N1,551/$

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 adjusted the Customs foreign exchange rate for importers to clear goods at Nigeria’s air and seaports.

The new rate comes amid the naira’s massive gain against the US dollar on Thursday, June 5, 2025.

CBN lowers Customs duty rate

Data from the Customs trade portal shows that the apex bank crashed the Customs exchange rate in line with the recent naira gains.

The data reveals that importers will pay N1,552.616 to clear goods at the nation’s ports, from N1,564.94 the previous day.

The new Customs rate is slightly above the current official exchange rate following the appreciation of the naira.

Importers to pay less to clear cargo

The development means that importers will pay less to open Form M, an essential document required for Customs duty clearance.

The Nigerian currency has been on a bullish run against the US dollar since the beginning of June, closing last week with a massive gain of N1,551 per dollar from N1,579.

Importers and exporters contribute to inflows

A previous report by Legit.ng disclosed that foreign exchange inflows into Nigeria rose by 62% per month to $5.96 billion in May 2025.

FMDQ data shows that the rise in total inflows, which rose from $3.67 billion in April, was caused by a significant increase in contributions from local sources, which accounted for 83.2%.

Domestic inflows rose to a six-year high of 64.2% to $4.96 billion, driven by increased activities from exporters and importers, non-bank corporates and individuals.

Investors show confidence as the naira gains

Inflows from exporters and importers surged to $3.11 billion, a sharp rise from $655.7 million in April 2025.

Non-bank corporates contributed about $1.11 billion in May relative to the previous month’s figure of $1 billion, while individual inflows hit $91.4 million from $151.1 million the previous month.

CBN boosts naira’s value with OMO auction

However, foreign direct investment (FDI) dropped slightly by 6.3% to $880.8 million.

Experts say investors' renewed interest is due to CBN’s monetary policies and sustained OMO sales, which have continued to offer alternative yields.

Last week, the naira appreciated against the dollar by 2.3% per week to N1,551 per dollar, aided by increased supply from foreign portfolio investors seeking to participate in the OMO sales.

Analysts are optimistic about the continued naira appreciation due to the new FX inflows.

Janet Ogochukwu, a senior banker and an economist, commended the apex bank for improving FX inflows, asking the CBN to explore other alternatives for more inflows.

"We can see that the current naira's gain is not just due to CBN's intervention, but due to a surge in inflows, which crashed the US dollar massively.

It is also interesting to note that domestic inflows by importers and exporters contributed to the good news. It means that the more FX is available in the system, the more the naira will appreciate," she said.

Naira appreciates by N5 against the dollar

Legit.ng earlier reported that the Nigerian currency, the naira, began June on a positive note against the US dollar and other currencies.

Naira reversed losses it suffered towards the close of May 2025, following increased interventions by the Central Bank of Nigeria (CBN).

Analysis by Legit.ng shows that the naira closed last month positively, gaining N16 against the dollar as of Friday, May 30, 2025.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng