Again, Customs FX Rate For Cargo Clearance Drops By N124 To N1, 448/$

The Nigerian Customs Service (NCS) now charges N1,448.38 to the USD instead of N1,572.5/$ for cargo clearance and import duty collection. This is a major decrease in the exchange rate.

This is a N124.12 decrease from the prior amount. The current currency rate displayed on the CBN’s official window is reflected in the updated number. THE MATRIX previously revealed that at the end of last week’s trading, the naira closed at N1431 to the USD.

The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX market. The exchange rate for cargo clearance peaked at N1,624.7/$1 on March 12, 2024, before the gradual decline to the current figure.

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The Nigeria Customs had earlier stated that the exchange rate for cargo clearance will follow the CBN’s official rate.

The apex bank on the other hand had addressed the frequent changes on the customs exchange rate and the attendant confusion stating that the exchange rate on the date of opening the ‘Form M’ will be used for import duties assessment.

The CBN in recent times has instituted a motley of reforms aimed at stabilising the forex market, dispelling speculations, eradicating distortions and strengthening the value of the naira.

The near parity between the official and parallel market exchange rates signifies the successful implementation of the Central Bank of Nigeria’s (CBN) foreign exchange market reforms in recent times.