CBN Announces New Customs Dollar Exchange Rate, Importers To Pay More To Clear Goods

• Nigerian importers will have to pay higher fees to clear their goods at the airports and also ports
• The CBN adjusted the rate following the depreciation of the naira at the end of the 3rd week of May
• The CBN determines customs rates based on the performance of the naira in the official markets

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has hiked the exchange rates for cargo clearance at the nation's ports and airports.

According to information on the official trade portal of the Nigerian Customs Service (NCS), the CBN increased the Customs dollar rate to N1,480.619 on Sunday, May 26, 2024.

The new rate represents an increase of 0.88%, or N12.93, compared to N1467.683 on Thursday, May 23, 2024.

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How customs determines exchange rate

In a recent report, Abdullahi Maiwada, NCS spokesperson, explained that the CBN determines the exchange rates of import duty collection and not market forces.

He noted that importers transact their businesses in dollars, which required them to obtain “Form M” from the CBN.

According to the NCS spokesperson, the service collects duty on imported items using the prevailing rate for its calculations, while exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.

Naira to dollar exchange rate

The increase in the customs exchange rate reflects the naira's performance in the official market.

FMDQ securities report that in the Nigerian Autonomous Foreign Exchange Market (NAFEM) which is also the official market, Nigerian currency ended the week on Friday, May 24 at N1,482,81/$1.

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CBN issues new directives on street trading of foreign currencies as naira falls

Peter Obi on new Customs exchange rate

Earlier, Legit.ng reported that the CBN also adjusted the NCS foreign exchange rate to clear imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could kill many businesses.

He further advised the government on actions to help the naira recover against the US dollar.

Proofreading by James Ojo, journalist and copy editor at Legit.ng.

Source: Legit.ng