See latest naira to dollar exchange rate to clear goods at ports

• The Customs work complaint has been adjusted again pursuing changes successful the naira to dollar speech complaint
• Latest information from the CBN showed that the worth of the naira improved against the US dollar successful forex markets
• The betterment of the naira follows consecutive days of losses successful the authoritative and unofficial speech markets

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

The Central Bank of Nigeria (CBN) has adjusted speech rates utilized to cipher customs duties and tariffs for the Nigeria Customs Service (NCS).

According to information from Nigeria's commercialized portal, importers looking to wide goods volition wage N1,530.02 per dollar connected Thursday, March 20, 2025.

CBN makes changes to the Customs speech rate Photo credit: cbn
Source: Getty Images

The latest complaint represents a 0.82% summation compared to the N1,517.43/$ speech complaint quoted arsenic of Monday, March 17.

Naira influences customized work complaint change

The Central Bank of Nigeria (CBN) sets the customs work complaint utilizing the closing complaint of the naira against the dollar successful the Nigerian Foreign Exchange Market (NFEM).

Data from CBN showed that the naira depreciated connected Wednesday, March 19 by a 0.74% oregon N11.40 against the US Dollar to adjacent astatine N1,547.52/$1 compared with the erstwhile day’s worth of N1,536.12/$1.

Wednesday's complaint is the 3rd consecutive trading time the speech complaint of the Nigerian currency fell against the US dollar successful the authoritative marketplace despite efforts of the Central Bank of Nigeria (CBN) to stabilise the ecosystem.

Customs follow the closing FX complaint on the day of opening Form M for the importation of goods, arsenic the FX complaint to beryllium utilized for Import Duty Assessment.

This speech complaint remains valid until the day of termination of the importation and clearance of goods by importers.

Customs work complaint to wide goods rises arsenic naira depreciates Photo credit: NCS
Source: Facebook

What is Form M?

Form M is simply a mandatory statutory papers that importers indispensable implicit to state their volition to import goods into Nigeria.

When submitting Form M, Nigerian importers should usage the closing speech rate connected the day of Form M opening for calculating import duties.

It remains valid for 180 days for wide merchandise and 365 days for works and machinery. An hold of 180 days for wide merchandise and 365 days for works and machinery whitethorn beryllium granted by the authorised dealer.

Importers are required to implicit and registry Form M with authorised dealers erstwhile placing orders, careless of whether the transaction is eligible for overseas exchange.

FG considers prohibition connected overseas vehicles

Earlier, Legit.ng reported that the Nigerian authorities is considering restricting overseas car imports to assistance the section auto manufacture and boost occupation creation.

Minister of State for Industry stressed that Nigeria should absorption connected creating jobs wrong the state alternatively of helping to make jobs successful different countries.

He emphasized the request for bold actions and wide timelines to thrust concern maturation done the recently launched Industrial Revolution Work Group (IRWG).

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Source: Legit.ng