CBN Slashes Customs Exchange Rate To Clear Goods at Ports as Naira Appreciates

• The Central Bank of Nigeria has reduced the customs exchange rate used by importers to clear goods at the nation's ports and airports
• With the change, businesses and importers will pay less to bring in their goods from abroad from Monday
• The apex bank set the exchange rate based on the performance of the naira in the foreign exchange market

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 slashed customs exchange rates for importers clearing goods at the ports.

According to data from Nigeria's trade portal, importers looking to clear goods will pay N1,579.941 per dollar from Monday, May 26, 2025.

The latest rate represents a 1.14% or N18.28 reduction compared to the N1,598.22/$ exchange rate quoted on Monday, May 19.

What is Customs exchange rate

The customs exchange rate for cargo clearance is set by the CBN in line with naira's performance in the forex market.

In February 2024, the CBN instructed the Customs Service to apply the same forex rate used at the time of importation for goods clearance in Nigeria.

The exchange rate used for calculating customs duty is the one applicable on the day Form M is opened for import.

In a circular published on its website, the CBN stated that the FX rate at the point of importation should be used for import duty assessment until the final clearance is completed.

Why did CBN slash Customs duty?

The decision to slash the customs rate follows the strong performance of the naira against the dollar in the last trading day of the week (Friday, May 23).

Data from the CBN showed that the Nigerian currency appreciated against the US dollar by 0.21%, or N3.40, on Friday, May 23, to close at N1,581.59/$1 in the Nigerian Foreign Exchange Market (NFEM), compared to N1,584.99/$1 the previous day.

The naira also improved its value against the euro in the official market by 84 Kobo to quote at N1,791.11/€1 compared with Thursday’s closing price of N1,791.95/€1.

However, it depreciated against the pound sterling by N8.80 to trade at N2,136.76/£1 versus the preceding session’s N2,127.96/£1.

In the parallel market, Abdullahi, a forex trader, told Legit.ng that the value of the naira also closed the week strong.

He said:

"At the close of the week, the naira ended on a positive note. On Friday, it appreciated by N7 against the US dollar to settle at N1,620/$1, compared to the previous day’s rate of N1,627/$1. The pound sterling was sold at N2,160, while the euro traded at N1,800."

Expert seeks N1.000/$ fixed exchange rate

Earlier, Legit.ng reported that Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), has urged the CBN to change its policy on the Customs import duty rate to clear goods at ports.

Yusuf noted that the CBN should review its policy and peg the exchange rate at N1,000/$ for the next six months to mitigate the adverse effects of exchange rate fluctuations on cargo clearance and trade costs.

Source: Legit.ng