CBN Releases New Dollar Rates For Imported Products, Importers to Pay Less For Customs Duty

• The Central Bank of Nigeria (CBN) has adjusted the Customs exchange rates for cargo clearance as the naira stabilised
• CBN’s data shows that the importers will pay a negligible amount to clear goods from Nigeria’s air and seaports relative to previous rates
• The apex bank adjusted the Customs rate from N1,548.85 per dollar to N1,548.919 for cargo clearance

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 exchange rate for cargo clearance at Nigeria’s sea and airports.

The CBN slightly adjusted the rates from N1,548.85 per dollar as of Sunday, June 15, 2025, to N1,548.919.

CBN announces new exchange rate

The apex bank is responsible for fixing the Customs rates in line with the prevailing official foreign exchange rates.

Data from the Customs trade portal shows that importers opening Form M will pay a negligible sum to clear their goods at the nation’s ports.

The new Customs exchange rate came amid naira stability in the Nigerian Foreign Exchange Market.

The naira remains stable

A prior report by Legit.ng disclosed that the Nigerian currency traded flat in the foreign exchange market on Thursday, June 19, 2025, after fears of renewed volatility resurfaced.

The local currency stabilised, closing at N1,551 per dollar, the same rate as the previous day.

The Central Bank of Nigeria (CBN) data shows that the Nigerian Foreign Exchange Rate (NFEM) was fixed at N1,549.4193.

The dollar spot rate was traded at a high of N1,553.99 and a low of N1,546.

CBN sells dollars to authorised dealers

According to Market Forces Africa, the apex bank injected about $41 million to boost foreign exchange inflows in the official market and enhance liquidity due to a surge in corporate demand for the dollar the previous day.

The report disclosed that the FX injections were sold to authorised dealers at N1,546.15 and N1,550 per dollar.

Relative to May, the CBN’s FX market interventions and forex sales have reduced significantly in June.

Nigeria’s FX reserves decline

Legit.ng earlier reported that the financial sector regulator sold about $580 million to defend the naira in May, with the exchange rate reversing losses from above N1,600 to the N1,500 ceiling.

However, Nigeria’s external gross reserves declined below $38 billion after a series of FX outflows.

Data from the international crude oil market shows that oil prices rose nearly 3% on Thursday, June 19, 2025, as the ongoing Middle East conflict between Israel and Iran intensified, stoking fears of broader instability in the region.

Crude oil prices rise

Reports say investor fears over possible US involvement in the conflict added further pressure on oil prices.

At the close of trading on Thursday, international benchmarks edged upwards, with Brent crude gaining $2.15, or 2.8%, to close at $78.85 per barrel, the highest close since January 22.

The US WTI rose by $2.06 or 2.7%, settling at $77.20 per barrel.

Gold prices held steady despite the geopolitical tensions, as spot gold thinned down 0.1% to $3.365.79, while US gold futures dropped 0.7% to $3,383.280.

Experts say that while an oil price increase may prove short-term, sustained elevated levels could exacerbate tariff-driven economic pressures and reduce demand.

They say prices are likely to reverse once the Middle East tensions ease.

Banks sell dollar at new rates as naira depreciates

Legit.ng previously reported that the Nigerian currency dropped in value for the second consecutive day in the official foreign exchange market.

he new development has thrown currency pundits off course after predicting the local currency's gain in the wake of the Israeli-Iranian war.

The naira, which surged against the dollar last week, witnessed renewed volatility as crude oil prices subsided amid rumoured talks between Israel and Iran.

Source: Legit.ng