CBN Adjusts Dollar Rate to Clear Goods at Nigerian Ports

The Central Bank of Nigeria (CBN) has made adjustments to foreign exchange rates for cargo clearance in Nigeria’s air and seaports, which becomes effective on Tuesday, December 3, 2024.

The development comes amid the significant improvement of the local currency in the FX markets, where the naira experienced marginal appreciation against the dollar.

Legit.ng reported that the US dollar traded lower in the parallel segment of the foreign exchange market on Monday, December 2, 2024. Data from currency traders indicate that the naira rose in value in the black market, trading at N1,730 per dollar, up from N1,750 the previous time.

Information from the Nigeria Customs Service trade portal shows that the apex bank crashed Forex for cargo clearance from N1,663.03 per dollar to N1,645.65 per dollar. The development means importers will pay N22 less to clear their cargo from Nigerian ports.

The move comes as the naira also rallied in all the Forex markets on Tuesday, December 3, 2024, trading at N1,643.15 per dollar against the N1,672.69 it traded the previous day.

This is as the CBN issued a directive asking all banks operating in the interbank foreign exchange market to move to the Bloomberg BMatch System for FX trading.

The implementation of the BMatch system went live on Monday, December 2, 2024. The platform enhances Nigeria’s FX market’s operational efficiency and transparency.

Analysts believe the new FX trading platform will boost market efficiency and accurately value the naira against major currencies.

Janet Ogochukwu, a banker and financial analyst, says the new platform became necessary to avoid distortions always experienced in the FX markets.

“The Bloomberg BMatch system enhances transparency and ensures market efficiency,” she said. She pointed out that traders, especially banks, have pointed out the distortions in the FX markets, which necessitated the CBN to ask banks to migrate to the new platform.

“Now, Nigerians and traders will know the actual value of the naira as the platform does not permit distortions,” she added.

Legit.ng earlier reported that the value of Nigerian currency, the naira, improved in the foreign exchange markets against the United States dollar.

Data from FMDQ securities revealed the naira’s value in the Nigerian Autonomous Foreign Exchange Market (NAFEM) closed at N1,643.15/$1 on Tuesday, December 3, 2024. Tuesday’s exchange rate represents a 1.8% or N29.54 improvement compared to Monday’s closing price of N1,672.69/$1.

SOURCE: Legit.ng