See new Customs dollar exchange rate to clear imported goods at ports, airport

• The Nigerian customs will charge Nigerian importers higher fees to clear their goods at the airports and also ports
• The changes reflect the depreciation of the Nigerian currency in the official foreign exchange markets
• The Central Bank of Nigeria sets the Customs exchange rate based on the closing rate at the NAFEM window

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 again increased the exchange rates for cargo clearance at the nation and airports.

According to information on the official trade portal of the Nigerian Customs Service (NCS), the CBN increased the Customs dollar rate to N1,524.37 on Monday, July 9, 2024.

Customs increase rate to clear goods at ports Photo credit: Benson Ibeabuchi
Source: Getty Images

The new rate represents a slight increase of 0.80%, or N12.16, compared to N1,512.21 on Sunday, July 8, 2024.

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How customs determine exchange rate

In a recent report, Abdullahi Maiwada, NCS spokesperson, explained that the CBN determines the exchange rates of import duty collection and not market forces.

He noted that importers transact their businesses in dollars, which required them to obtain “Form" M” from" the CBN.

According to the NCS spokesperson, the service collects duty on imported items using the prevailing rate for its calculations, while exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.

Naira to dollar exchange rate

The increase in the customs exchange rate reflects the naira's performance in the official market.

FMDQ securities data shows that in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is also the official market, Nigerian currency depreciated against the US dollar to N1,523.85/$ Monday, July 9, 2024.

CBN hopes to crash dollar

Earlier, Legit.ng reported that the CBN carried out another round of forex sales to licensed Bureau De Change Operators in the country.

Each BDC received $10,000 as the CBN bid to reduce the exchange rate at which the dollar is sold on the street.

The Central Bank of Nigeria also instructed that the BDCs sell at a maximum of N1,269/$1 to achieve its objective.

Source: Legit.ng