- The CBN has made its 2024 final adjustments to the customs exchange rate to clear goods at the nation’s ports and airports
- Latest data shows that importers, businesses, and Nigerians expecting consignments from abroad will pay less on Tuesday
- The new exchange rate reflects the performance of the naira in the Nigerian Autonomous Foreign Exchange Market
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has reduced the dollar exchange rate for importers to clear goods at the nation’s air and seaports.
This latest change marks the final adjustment for 2024, which has been a very challenging year for importers.
Photo credit: nurphoto
Source: Getty Images
According to data from the federal government trade portal, the customs exchange rate for clearing goods is now N1,536.41 a dollar on Tuesday, December 31.
The new rate represents a marginal 0.09% drop compared to the N1,537.89 a dollar it stood on Monday, December 30.
The latest adjustments to the Customs exchange rate mean that importers in 2024 paid 61.39% more to clear their goods compared to the N951.94 per dollar charged on January 1, 2024.
Why the massive change in customs exchange rate?
Last year(2023), the federal government announced that the Customs exchange rate would be adjusted based on the naira performance in the Nigerian Autonomous Foreign Exchange Market.
Adewale Adeniyi, the comptroller general of the NCS, had earlier explained that the customs exchange rate given to importers is based on information from the CBN.
His words:
“So what we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate.
‘We have nothing to do with whether the exchange rate goes up or come down. “It is not us, we follow what is proscribed for us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”
Expert speaks on the changes
In a statement made available to Legit.ng, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise(CPPE), expressed concerns about the decision to peg the Customs exchange rate to the naira’s performance in the forex market.
He argued that maintaining a stable exchange rate of N1,000/$ is essential to complement current measures aimed at addressing the country’s ongoing cost-of-living crisis.
“The high and volatile exchange rate for import duty assessment is fueling the already high inflation, increasing production and operating costs for manufacturers and other businesses.
“In the light of this, the CPPE is reiterating its appeal to the presidency to peg the customs duty exchange rate at N1000/$ for the next six months in the first instance through an Executive Order.”
Naira exchange rate
In a related development, Legit.ng reported that the Nigerian currency, the naira, closed trading against the US dollar negative on Monday, December 30, 2024
Information from the Electronic Foreign Exchange Market (EFEMS) shows that the naira depreciated at N1,538.55 per dollar from N1,535
The development comes despite increased remittances and growing foreign exchange reserves.
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Source: Legit.ng
