CBN Crashes Import Dollar Rate, Aligns Customs Duty With Official FX as Naira Strengthens
- The Central Bank of Nigeria (CBN) has released a new exchange rate for importers to clear goods
- The Customs duty rate is almost the same as the current official foreign exchange rate on the NFEM
- The development comes as the naira surged against the US dollar on Wednesday, July 9, 2025, in the official window
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
A new Customs import duty rate, released by the Central Bank of Nigeria (CBN), shows that importers will pay the same rate as the latest official foreign exchange rate.
This is as the Nigerian currency rebounded in the FX market after a one-day loss.
Source: Getty Images
Customs duty rate now equal to the official window
According to data from the official government trade portal, the apex bank fixed the import duty rate at N1,520.249, the same rate as the official exchange rate, from N1,528 per dollar.
The development means that importers opening Form M as of Thursday, July 10, 2025, will pay less to clear goods than those who opened the form the previous day.
The CBN is in charge of fixing the Customs FX rates in line with the prevailing official rate.
Naira gains as FX reserves rise
The development comes amid the naira’s gain on Wednesday, July 9, 2025.
A prior report by Legit.ng disclosed that after a slight pause on Tuesday, July 8, 2025, the Nigerian currency picked up and surged against the US dollar in the official window on Wednesday, July 9, 2025.
The local currency strengthened further in the currency market to close at N1,520 per dollar, supported by increased US dollar liquidity, with trades ranging from N1,520 and N1,530 per dollar.
According to market data, market confidence surged in the currency market as findings showed that Nigeria’s external reserves regained their momentum.
Naira vs. dollar: What’s the place of investors?
The gross external reserves rose to $37.282 billion on Tuesday, July 8, 2025, following a rise in inflows from unnamed sources.
Data from the Nigerian Foreign Exchange Market (NFEM) shows that the official exchange rate for Wednesday, July 9, 2025, settled at N1,520.74 per dollar from N1,529.22 the previous day.
Market Forces Africa reported that the exchange rate maintained an upward trend against the dollar despite zero interventions in July.
Experts say that Dangote Refinery has reduced forex pressure from product demand.
Fore inflows improve
The mega facility has consistently pumped petroleum products, reducing imports, which has pressured Nigeria’s FX markets.
The recent petrol price cuts have also relieved consumers and importers.
Foreign exchange market sentiment has improved dramatically with rates closer to fair value, while offshore participation in the CBN open market operations continues to enhance FX inflows.
Source: Getty Images
Reports say several investment bankers in Nigeria have turned to naira bulls, with year-end projections ranging from N1,560 and N1,700 per dollar in the absence of increased demand shock.
CBN fixes new dollar rate for importers
Legit.ng earlier reported that the CBN has harmonised the FX rates for importers into the official window, following the recent gains of the Nigerian currency.
The development comes amid the naira’s gains in the FX markets since last week.
Data from the Nigeria Customs Service official trade portal shows that the CBN matched the exchange rate for cargo clearing with the official forex window.
Source: Legit.ng
