Again, CBN Slashes Exchange Rate To Clear Goods at Ports, Airports From Monday

• The Central Bank of Nigeria has slashed the exchange rate for calculating customs duty for importers
• The change means that importers will pay a lower rate starting Monday when processing the clearance of their goods
• Despite the reduction, the customs rate is still far from the expected rate suggested by Peter Obi and Muda Yusuf

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. (edited)

The Nigeria Customs Service has adjusted the exchange rate for calculating import duties at the nation's seaports and airports.

Data obtained from the federal government trading portal showed that as of Sunday, June 15, 2025, importers will be charged N1,548.85 per dollar for import duty.

The new rate represents a 0.24% reduction from the previous rate of N1,552.61 per dollar on Sunday, June 8.

How the customs exchange rate is calculated

Bashir Adewale Adeniyi, the Comptroller-General of Customs, explained in an earlier report that import duty rates are determined by the Central Bank of Nigeria.

His words:

"What we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or come down.

“It is not us, we follow what is proscribed for us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”

CBN instruction on Customs duty

The CBN has directed the NCS to use the foreign exchange (FX) closing rate on the day importers submit ‘Form M’ for clearing goods and assessing import duties.

“To this effect, the Central Bank of Nigeria wishes to advise the Nigeria Customs Service and other related parties to adopt the FX rate on the date of opening the Form M for importation of goods, as the FX rate to be used for import duty assessment. This rate remains valid until the date of termination of the importation and clearance of goods by the importers.

“This would enable the Nigeria Customs Service and the importers to effectively plan appropriately and reduce uncertainties around varying exchange rates in determining revenue, or cost structure respectively.

"Therefore, the closing rate on the date of opening of Form M for the importation of goods and services would be the rate that would apply for an assessment of goods and services. This supersedes the requirement of Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition) 2018.”

Peter Obi on new customs exchange rate

Earlier, Legit.ng reported on Peter Obi's response to changes in customs duty rates, expressing concerns about their impact on businesses.

He also proposed to the government to stabilise the duty rates to ease the challenges of doing business.

Obi warned that such arbitrary charges could lead to further business closures and job losses.

Also, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, has proposed that the import duty rate be set at N1,000 to the dollar.

Source: Legit.ng