The Central Bank of Nigeria (CBN) has again revised the customs exchange rate downward, reflecting the naira’s improved performance in the Nigerian Foreign Exchange Market (NAFEM).
According to official data from the Nigeria Trade Hub, the CBN on Sunday, June 22, 2025, adjusted the rate for computing import duties to ₦1,546.86 per US dollar, down from ₦1,548.85/$ just a week earlier. This marks a 0.12% decrease, signaling continued positive sentiment toward the naira and offering relief to businesses importing goods into Nigeria.
The drop in the exchange rate means importers will pay less to clear their goods at Nigerian ports—a welcome development amid rising operational costs, fluctuating fuel prices, and global shipping disruptions.
In explaining how the customs rate works, the CBN had in a 2024 directive clarified that the exchange rate used for import duty assessments will be based on the closing FX rate on the date Form M is opened for goods. That rate remains effective until the termination of the import process. This mechanism ensures greater certainty for businesses, reducing risk from daily rate fluctuations.
“The approach enables both Customs and importers to plan effectively, eliminating uncertainty in revenue and cost structures,” the apex bank had stated.
The central bank’s rate cut is directly linked to the naira’s recent appreciation in the official forex market. On Friday, June 19, the naira gained ₦2.84 against the US dollar, trading at ₦1,547.71/$1, compared to ₦1,550.55/$1 the previous day. It also strengthened against the pound sterling, appreciating by ₦2.76 to close at ₦2,081.36/£1.
Even in the black market, the naira saw modest gains. Bureau de Change (BDC) operators confirmed the dollar was trading between ₦1,590 and ₦1,600, the euro between ₦1,787 and ₦1,803, and the pound between ₦2,130 and ₦2,150.
This is the second consecutive week the CBN has adjusted the customs exchange rate downward—a rare trend in a market historically marked by naira depreciation. The direct beneficiaries include manufacturers, retailers, automobile importers, and technology firms that rely heavily on foreign goods.
Lower customs rates translate to reduced cost of landed goods, which could have a mild downward impact on inflation—especially for imported food items, electronics, and industrial inputs.
However, analysts warn that while the naira’s short-term stability is promising, sustained improvement will depend on long-term forex supply from non-oil exports, diaspora remittances, and FDI inflows.
Despite the lower customs rate, Nigerian importers continue to grapple with rising international shipping charges. Legit.ng earlier reported that certain shipping lines have introduced new charges on 20-foot container shipments from five countries. The charges, which also affect neighboring West African countries such as Ghana, are expected to take effect in the coming weeks, potentially offsetting gains from the reduced customs rate.
With the CBN showing a willingness to align customs rates with market realities and the naira building momentum, business owners are cautiously optimistic. However, consistent policies, improved FX liquidity, and economic stability remain critical to sustaining the naira’s strength and easing trade bottlenecks.
For now, importers can take advantage of the revised customs exchange rate to manage costs more efficiently and plan their international trade transactions with improved clarity.