Revealed: Why CBN left the Customs FX rate for cargo clearance unchanged

• The Central Bank of Nigeria (CBN) has near the Customs Exchange Rates unchanged contempt the naira’s gains
• CBN fixed the FX complaint cargo clearance astatine N1,591.50 per dollar arsenic of Friday, April 11, 2025, an summation from the erstwhile rate
• The Nigerian currency appreciated against the naira connected Friday, April 11, 2025, closing astatine N1,626 from N1,630.500

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

The Central Bank of Nigeria (CBN) has near the Customs overseas speech complaint for cargo clearance unchanged contempt the naira’s appreciation successful the authoritative and parallel markets.

The Nigerian currency appreciated for the 2nd consecutive time connected Friday, April 11, 2025, rising from N1,635 to N1,626 per dollar successful the authoritative FX market.

CBN fixes Customs speech complaint for cargo clearance Credit: NCS
Source: Getty Images

The naira appreciates successful FX markets

The naira had depreciated to adjacent N1,700 erstwhile it traded astatine N1,644 per dollar connected Wednesday, April 9, 2025, the lowest successful 4 months.

Experts person feared that the section currency has crossed the N1,500 per dollar ceiling it had traded since November 2024, which means the instrumentality to volatility.

The latest autumn comes amid tariff increases by the US government, which currency watchers accidental whitethorn person affected the naira’s show against different currencies.

CBN raises FX rates for cargo clearance

However, information from the Customs commercialized portal shows that the CBN had fixed the Customs speech complaint for cargo clearance astatine N1,591.35 per dollar arsenic of Friday, April 11, 2025.

The latest rate is an summation from N1,566.52 per dollar, the apex slope near it connected April 7, 2025, erstwhile the naira traded astatine N1,625.

The Nigeria Customs Service (NCS) speech complaint for import duties postulation roseate owed to the show of the naira. 

The Naira depreciated 1.05%, oregon N16.97, against the US Dollar astatine the Nigerian Foreign Exchange Market (NAFEM) connected Thursday, April 10. 

The naira falls disconnected the N1,500 ceiling

It exchanged astatine N1,629.94/$1, compared with the erstwhile day’s complaint of N1,612.99/$1. 

In the aforesaid authoritative market, CBN, however, the Nigerian currency traded level against the Pound Sterling and the euro during the league astatine N2,085.01/£1 and N1,805.64/€1, respectively.

CBN set the speech complaint arsenic the naira appreciates successful each markets. Credit: NurPhoto/Contributor
Source: Getty Images

Legit.ng reported that the naira had stabilised connected Wednesday successful the spot marketplace aft President Donald Trump of the United States announced a 90-day intermission connected tariffs for much than 75 nations, including Nigeria, that did not retaliate against his sweeping duties announced a week ago.

Dollar soars successful authoritative forex window

Legit.ng antecedently reported that the Nigerian currency, the naira, crashed again connected Wednesday, aft a little reprieve successful the Nigerian Foreign Exchange Window (NFEM) connected Wednesday, April 9, 2025.

The naira’s clang comes arsenic crude lipid prices fell to pandemic levels pursuing the commercialized warfare betwixt the United States and China, arsenic some countries intensified tariff hikes.

Analysts accidental the planetary tariff hikes slapped connected countries by President Donald Trump volition origin further shocks to economies and currency fluctuations.

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Source: Legit.ng