How the naira rose in FX markets, impacting import duty

• The naira has continued to surge against the US dollar, appreciating for astir of past week aft experiencing mild volatility
• The caller speech complaint reflects the interventions of the Central Bank of Nigeria (CBN) to boost the naira’s worth against the dollar
• Also, the CBN slashed the forex complaint for import duty, meaning that importers volition wage little to unfastened Form M, an indispensable papers connected cargo clearance

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigerian currency rallied against the US dollar for 2 consecutive days connected Thursday, June 26 and Friday, 27, 2025, closing the week beardown successful the authoritative window.

The naira appreciated pursuing the involution of the Central Bank of Nigeria successful the overseas speech market.

CBN releases caller exchange, importers to wage little for overseas goods. Credit: Picture Alliance/Contributor
Source: Getty Images

Naira’s gain: A caller dawn for Nigerians?

At the adjacent of trading connected Friday, June 27, the section currency inched higher, closing astatine N1,537.90 against the US greenback from N1,547 per dollar, the erstwhile day.

The naira has remained mostly stable, gaining for astir of past week against the dollar.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that currency dealers quoted the dollar astatine an intraday precocious of N1,547 and a debased of N1,535.90.

The naira appreciates successful the achromatic market

Experts said the caller speech complaint is simply a bully omen for importers grappling with precocious import costs owed to FX scarcity.

The naira besides rallied successful the parallel conception of the overseas speech window, known arsenic the achromatic market.

On Friday, June 27, 2025, the naira appreciated from N1,580 per dollar to N1,575, representing a summation of N25 successful the parallel market.

The borderline betwixt the parallel marketplace and NFEM complaint widened to N38 per dollar from N37 per dollar connected Thursday, June 26, 2025, Vanguard reports.

The naira’s gain: What it means for importers

Consequently, the CBN lowered the Customs overseas speech complaint for import duty.

Data from the national government’s commercialized portal shows that the apex slope slashed the import work complaint from N1,548 per dollar to N1,538.

The improvement means that importers opening Form M from Monday, June 30, 2025, volition wage little than those who applied a time prior.

The CBN is liable for fixing the FX complaint for import duty, which is based connected the day’s prevailing complaint successful the authoritative window.

CB fixes caller FX complaint import work amid the naira's gain. Credit: NCS
Source: Getty Images

There person been calls for the apex slope to hole the import work complaint monthly oregon quarterly to cheque the rising prices of imported products.

Naira appreciates successful achromatic market, narrows the gap

Legit.ng earlier reported that the Nigerian currency, the naira, rallied against the dollar successful the parallel marketplace connected Thursday, June 26, 2925, narrowing the speech complaint spread betwixt the achromatic marketplace and the authoritative window.

According to information from FX trading platforms and thoroughfare traders, the naira strengthened to N1,575 per dollar successful the achromatic market, representing an N35 gain, oregon 2.2% comparative to the N1,610 recorded astatine the opening of June.

It besides shows a 0.6% summation from N1,585 traded connected Tuesday, June 24, 2025.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng