CBN Increases Customs FX Clearance Rate N1,612 Per Dollar

CBN Headquarters

CBN Increases Customs FX Clearance Rate N1,612 Per Dollar

The Central Bank of Nigeria (CBN) has increased the FX rate for clearance of goods at different import points by N18.44 from N1593.84/$ to N1612.28/$.

This is according to the latest information available on the exchange rate portal of the Nigeria Customs Service (NCS).

The new figure for the exchange rate was introduced on the 11 of March and mirrors the prevailing market rate on that day. According to Nairametrics daily exchange rate monitor, the naira closed at N1617.96 to the USD on the official window on the 11th of March 2024.

The Nigeria Customs boss had earlier stated that following the floating of the naira, the NCS will regularly change the FX rate for clearance of goods in accordance with the figures from the CBN official market rate.

Following complaints from the business community over the regular changes in the customs FX rate and the resultant confusion while filling the Form M for importation of goods, the CBN in February introduced a new policy stating that FX rate on the date of Form M would be used for clearance of goods.

According to the CBN, the move will quell the confusion around different exchange rate and aid planning on the part of both the Nigeria Customs and the business community.

The CBN has significantly increase the FX rate for the clearance of goods to reflect its new floating policy. However, it has received criticism from experts and the business community. Since November last year, the CBN has gradually increased the FX rate from around N757/$ to the current rate.

The Director-General of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf had stated that the significant increase in the FX rate for clearance of goods will encourage importers to patronise ports of neighbouring countries and increase the rate of smuggling.