The Central Bank of Nigeria (CBN) has reduced the Customs foreign exchange rate for cargo clearanceThe apex bank crashed the exchange rate from N1,507 on Wednesday to N1,500 following the naira’s appreciationThe development is a result of the naira’s strong showing in the FX market, rising from N1,521 to N1,485.95 per dollar on Thursday, 30, 2025
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria (CBN) has adjusted the Customs Exchange Rates for cargo clearance following the strengthening of the Nigerian naira in all foreign exchange markets.
The naira has been surging since this week due to a series of measures introduced by the CBN, including the newly launched FX Codes, to boost liquidity and transparency.
The naira’s gains led CBN Customs to crash the exchange rate for cargo clearance.
Credit: NCS
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CBN introduces FX codes to boost liquidity
CBN had warned banks and currency traders of severe consequences if they violated the FX Code and asked them to embed it in their daily operations.
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Speculators lose big as CBN’s new move crashes dollar exchange rate
Analysts believe the FX Code launch and other CBN market-friendly policies are responsible for the naira’s bullish run in the forex markets.
Data from the Customs trade portal shows that the CBN reduced the exchange rate for cargo clearance three times in one week, from N1,522 per dollar to N1,507 and N1,500.
It means that importers opening Form M for cargo clearance will pay N7 less than those who opened the previous day.
The naira’s rally has boosted investors’ confidence and injected fresh hopes in Nigeria’s forex markets.
On Thursday, January 30, 2025, the naira broke into the N1,400 ceiling after rallying the previous day.
The naira appreciates to a new high
The Nigerian currency appreciated 1.64% to close at N1,485.95 per dollar, the highest in January.
Currency dealers quoted the dollar at a high of N1,516 and a low of N1,470 per dollar.
Meanwhile, the naira traded flat in the parallel segment of the foreign exchange market at N1,640, the same as the previous day’s rate.
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Naira on gain streak, hits new high against USD amid CBN warning to banks over FX Code violations
Naira on a gain streak, hits new high against USD
Henzodaily.ng earlier reported that the naira has been recovering since the CBN implemented several reforms.
The apex bank launched a new FX Code to boost liquidity and transparency, warning banks and traders of dire consequences if they violate it.
Analysts believe the new Code has paid off following the gains of the naira in the official and parallel market windows
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Source: Henzodaily.ng