BREAKING: CBN Announces New Customs Exchange To Clear Goods As Dollar Crashes in All FX Markets

The Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs exchange rates for cargo clearance at ports and airports....Read Full Article >>➤

The apex bank adjusted the rates following the appreciation of the Nigerian currency, the naira against the US dollar in the official and parallel markets.

Importers pay less to clear goods. Data from the federal government’s trade portal shows that the current rate is slightly lower than the naira’s rate in the official window.

According to the data, the CBN has announced that importers opening Form M from Monday, February 24, 2025, will pay N1500.23 per dollar to clear their cargoes.

This new rate represents a 0.52% reduction compared to the N1508.164 importers paid the previous Monday.

What is Form M?

Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria. This is initiated electronically on a trade portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service.

Naira strong performance against US dollar
The naira has recorded a strong performance against the U.S. dollar across all foreign exchange markets.

Information from the Central Bank of Nigeria (CBN) indicates that the naira appreciated to N1,502 per dollar week-on-week, gaining 0.56% or N8.50 compared to the N1,511 it closed at the previous week in the Nigerian Foreign Exchange Market (NFEM).

Currency dealers quoted the dollar at a high of N1,509, lower than the N1,520 quoted the previous week.

On Friday, February 21, 2025, the naira traded at N1,491 per dollar, compared to N1,500 at NFEM.

It was the same scenario for the naira in the parallel segment of the foreign exchange market, the local currency appreciated by N45, or 2.0%, as buyers and sellers quoted the U.S. dollar at N1,510 on Thursday, February 20, and Friday, February 21, 2025.

The Nigerian currency has recorded an improvement since the CBN mandated traders to migrate to the Electronic Foreign Exchange Matching System (EFEMS) through the Bloomberg BMatch system. ...Read Full Article >>➤