In a move set to provide much-needed relief for Nigerian importers and their agents, the Central Bank of Nigeria (CBN) has revised downward the foreign exchange rate used for calculating customs duties and clearing cargo at the nation’s ports, SHIPS & PORTS authoritatively reports.
Effective from Tuesday, December 3, 2024, the exchange rate for calculating customs duties was adjusted from N1,663.03 per dollar to N1,645.65 per dollar, reflecting a modest but impactful strengthening of the naira.
This marks the first time the naira has appreciated against the U.S. dollar in the context of import duty payments. The adjustment translates to a savings of N17.38 per dollar for importers clearing goods through Nigerian ports, a development that could ease the financial burden of cargo clearance.
Data from the Nigeria Customs Service (NCS) trade portal confirms the revised exchange rate, which aligns with the apex bank’s broader effort to stabilize the naira across various forex markets.
On Wednesday, the naira also rallied in the interbank foreign exchange market, trading at N1,643.15 per dollar, compared to N1,672.69 on the previous day. The rate adjustment coincides with the CBN’s recent directive mandating all banks operating in the interbank foreign exchange market to adopt the Bloomberg BMatch System for FX trading. The system, designed to enhance operational efficiency and transparency, went live on Monday, December 2, 2024.
Market analysts have welcomed the implementation of the BMatch platform, which they believe will enhance efficiency in Nigeria’s forex market and provide a more accurate valuation of the naira against major global currencies.
Meanwhile, in the parallel market, the naira recorded gains against the dollar, trading at N1,730 per dollar, a marked improvement from the N1,750 rate recorded the previous week. This trend reflects a broad rally for the naira, with strengthening observed across various segments of the forex market.
The CBN’s proactive measures appear aimed at stabilizing the exchange rate environment, a critical factor in easing the cost of doing business in Nigeria. For importers, the latest adjustment to customs duty calculations signals a positive shift that could spur trade and economic activity in the coming months.
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