New Exchange Rate To Clear Goods at Port, Airport As Naira Crashes Against US Dollar
- Importers will pay more to clear their goods as the CBN has revised the customs duty rate upward to N1,470.53 per dollar
- The revision follows the fall of the naira across official and parallel markets in recent trading sessions
- Lower cost for clearing goods is key to bringing down the price of goods for an import-dependent country like Nigeria
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The cost of clearing goods at Nigerian ports has risen again as the Central Bank of Nigeria (CBN) adjusted the customs duty rate upward.
This follows renewed pressure on the naira in the foreign exchange market.
Source: Getty Images
Customs rate changes
According to data obtained from Nigeria’s trade portal, the customs exchange rate for import duties was increased to N1,470.53 per U.S. dollar on Sunday, October 19, 2025 up by 1.09% from N1,454.67/$ a week ago, signalling higher import costs for businesses and consumers.
The latest increase reflects the continued depreciation of the naira in the Nigerian Foreign Exchange Market (NAFEM) and the parallel market.
Customs rate movement is tied to the performance of the naira in the official market.
On Friday, October 16, the naira depreciated by N4.32 or 0.29% trading at N1,475.35 per dollar compared to N1,471.03/$ on Thursday.
It also fell against the pound sterling and euro, closing at N1,979.77/£1 and N1,722.92/€1, respectively, down from N1,976.18/£1 and N1,714.49/€1 the previous day.
Similarly, in the parallel market, the Nigerian currency depreciated by N5 to sell for N1,490/$, compared to N1,485/$ on Thursday.
However, at GTBank, the exchange rate for retail customers remained steady at N1,475/$.
Source: Getty Images
Market outlook
Analysts attribute the continued depreciation to limited dollar supply, profit-taking by foreign investors, and weak oil prices.
Also, dollar demand from importers and corporates remains elevated, and some market participants still prefer to transact off-market when access to official FX is slow.
They warn that the trend may persist in the coming week unless the Central Bank increases forex liquidity.
Forex pressure remained on the naira, and analysts expect more next week due to the decision of foreign investors to sell local assets amid global risk aversion.
Despite positives such as a sustained current account surplus and gradual FX reserve build-up, the market remains also pressured by global uncertainties, including U.S.-China trade tensions and tepid crude oil prices.
Nigeria reserves rises
Earlier, Legit.ng reported that Nigeria's Foreign reserves have surged to their highest level in six years, a big boost for the naira in the foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the country’s external reserves climbed to $42.57 billion as of October 7, 2025.
The increase reflects improved oil export receipts, higher remittance inflows, and sustained investor confidence following recent monetary and fiscal reforms.
Source: Legit.ng
