Why CBN adjusted Customs FX rates for cargo clearance

• The Central Bank of Nigeria has fixed a new exchange rate for cargo clearance in Nigerian ports
• Data from the Customs trade portal reveals that importers will pay about N1,473.15 per dollar to clear goods at the ports
• The development comes as the naira appreciated against the dollar and other international currencies

The Central Bank of Nigeria  (CBN) has adjusted the exchange rate for cargo clearance by the Nigerian customs.

The apex bank pegged the forex for cargo clearance at N1,473.15 following the naira appreciation against the US dollar on Tuesday, June 11, 2024.

CBN announces new Customs forex rate for cargo clearance Credit: NCS
Source: Facebook

CBN responsible for FX rates for agencies

The Nigerian Customs says that the CBN is responsible for fixing the exchange rate for cargo clearance in Nigerian ports.

Customs disclosed the new rate on its trade portal, which was seen by Legit.ng.

This development means that importers who open Form M will pay less for cargo clearance than those who opened the form the day before.

The Nigerian currency, the naira, has maintained a firm ground against the US dollar in the last few days following improved forex liquidity.

The naira appreciates as the dollar supply improves

Data from the FMDQ Exchange reveals that the naira performed excellently against the US dollar on Tuesday, June 11, 2024, when it traded for N1,473.66 as against the N1,483.35 it traded the day before.

The apex bank establishes foreign exchange benchmarks for various government agencies, such as the Nigerian Customs Service, the Federal Inland Revenue Service (FIRS), and the National Foods, Drugs Administration and Control (NAFDAC).

Legit.ng previously reported that the foreign exchange market has seen a remarkable improvement in turnover in recent weeks.

On Tuesday, June 11, 2024, the forex market experienced a surge in turnover of about 139.67% at $85.91 million.

Analysts have attributed the naira crash to the lack of forex liquidity, which affected its performance against other currencies.

Nigerians abroad send $365m home in 1 month

Legit.ng earlier reported that data from the Central Bank of Nigeria had revealed that the total foreign remittances for May 2024 amounted to $365 million, an 80% yearly increase compared to the May 2023 figure of $203.89 million.

Analysts said the rise in foreign remittances was a crucial source of FX earnings for the Nigerian economy.

Further analysis of the data also indicated that in the first five months of 2024, Nigeria received about $841.37 million in diaspora remittances.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng