The Central Bank of Nigeria (CBN) has slashed the Customs foreign exchange rate for cargo clearance for imported goodsThe CBN adjusted the FX rate from N1,500 per dollar to N1,477.75 as the naira appreciated in the FX marketThe Nigerian currency has been on a bullish run, hitting an eight-month high at N1,474.79 per dollar at the end of January
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The Central Bank of Nigeria (CBN) has adjusted the Customs foreign exchange rate for cargo clearance in Nigeria’s sea and airports.
The apex bank crashed the rate to N1,477.75 per dollar, down from N1,500 last week.
The governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso leads the apex bank to crash rates for importers
Credit: Bloomberg/Contributor
Source: Getty Images
Importers pay less to clear goods
Henzodaily.ng previously reported that CBN crashed the rates three times last week following the naira’s bullish run in the forex markets.
The development means importers will spend N23 less clearing goods in the ports than those who opened Form M for cargo clearance on Friday, January 31, 2025.
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Naira appreciates against dollar, exchange rate hit 7-month high
The development comes amid the naira’s appreciation to an eight-month high of N1,474.78 per dollar in the official foreign exchange market on Friday, January 31, 2025.
This comes as dollar demands dropped following the implementation of the FX Code by the Central Bank of Nigeria (CBN).
Data from the FMDQ Exchange shows that dealers quoted the dollar at a high of N1,495.01 and a low of N1,447.50 per dollar.
The naira trades at an eight-month high
The last time the Nigerian currency traded in that range was on June 3, 2024, when it rose to N1,485.99 per dollar.
The local currency has now hit an eight-month high due to a series of policies implemented by the CBN and other factors such as increasing fuel refining capacity, which has cut imports and dependence on FX by importers.
A report by BusinessDay says that demand by several sectors for FX dropped to $5.7 billion in the third quarter of 2024 from $6.4 billion in the previous quarter of last year.
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Naira gains, dollar crashes in all markets as CBN speaks on settling FX obligation
FX inflows surges
Nigeria’s foreign exchange inflows have surged as CBN increased remittances via International Money Transfer Operators (IMTOs).
According to reports, foreign exchange inflows hit a 136% high in 2024, relative to 2023.
The Nigerian government also raised over $900 million from dollar bond sales in 2024, fueling the rise in the country’s FX reserves.
“The naira’s gain is commendable but CBN should focus on reducing the gap between the parallel and official windows,” Senior banker and economist, Janet Ogochukwu, said.
“The only way that can happen is for the CBN to intervene by selling FX cheaply to parallel market operators,” she said.
Naira on a gain streak, hits new high against USD
Henzodaily.ng earlier reported that the naira has been recovering since the Central Bank of Nigeria (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.
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CBN crashes dollars for Customs exchange rate for cargo clearances as naira gains in all markets
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