See latest exchange rate for importers to clear goods at ports

• The Central Bank of Nigeria has reduced the customs speech complaint utilized by importers to wide goods astatine the nation's ports and airports
• With the change, businesses and importers volition wage little to bring successful their goods from overseas from Monday
• The apex slope acceptable the speech complaint based connected the show of the naira successful the overseas speech marketplace

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Central Bank of Nigeria (CBN) has slashed customs speech rates for importers clearing goods astatine the ports.

According to information from Nigeria's commercialized portal, importers looking to wide goods volition wage N1,579.941 per dollar from Monday, May 26, 2025.

Nigerian importers to usage a little speech complaint connected their signifier M Photo credit: Nurphoto
Source: Getty Images

The latest complaint represents a 1.14% oregon N18.28 simplification compared to the N1,598.22/$ speech complaint quoted connected Monday, May 19.

What is Customs speech rate

The customs speech complaint for cargo clearance is acceptable by the CBN successful enactment with naira's show in the forex market.

In February 2024, the CBN instructed the Customs Service to use the aforesaid forex complaint utilized astatine the clip of importation for goods clearance successful Nigeria.

The speech rate utilized for calculating customs work is the 1 applicable connected the time Form M is opened for import.

In a circular published connected its website, the CBN stated that the FX complaint astatine the constituent of importation should beryllium utilized for import work appraisal until the last clearance is completed.

Why did CBN slash Customs duty?

The determination to slash the customs complaint follows the beardown show of the naira against the dollar successful the past trading time of the week (Friday, May 23).

Data from the CBN showed that the Nigerian currency appreciated against the US dollar by 0.21%, oregon N3.40, connected Friday, May 23, to adjacent astatine N1,581.59/$1 successful the Nigerian Foreign Exchange Market (NFEM), compared to N1,584.99/$1 the erstwhile day.

The naira besides improved its worth against the euro successful the authoritative marketplace by 84 Kobo to punctuation astatine N1,791.11/€1 compared with Thursday’s closing terms of N1,791.95/€1.

Naira improves against the US dollar successful the FX market Photo credit: Bloomberg/contributor
Source: Getty Images

However, it depreciated against the lb sterling by N8.80 to commercialized astatine N2,136.76/£1 versus the preceding session’s N2,127.96/£1.

In the parallel market, Abdullahi, a forex trader, told Legit.ng that the worth of the naira besides closed the week strong.

He said:

"At the adjacent of the week, the naira ended connected a affirmative note. On Friday, it appreciated by N7 against the US dollar to settee astatine N1,620/$1, compared to the erstwhile day’s complaint of N1,627/$1. The lb sterling was sold astatine N2,160, portion the euro traded astatine N1,800."

Expert seeks N1.000/$ fixed speech rate

Earlier, Legit.ng reported that Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), has urged the CBN to alteration its policy connected the Customs import work complaint to wide goods astatine ports.

Yusuf noted that the CBN should reappraisal its argumentation and peg the speech complaint astatine N1,000/$ for the adjacent six months to mitigate the adverse effects of speech complaint fluctuations connected cargo clearance and commercialized costs.

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Source: Legit.ng