The Central Bank of Nigeria (CBN) has reduced the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria's trade portal observed on Wednesday, June 4, 2025, the dollar exchange rate for import duty has dropped to N1,578.77.

This represented a 0.43% lower rate when compared to the N1,585.65/$ displayed on the last day of May.

The Customs exchange rate for cargo clearance is set by the CBN relative to the current exchange rates.

The CBN directed the customs service to use the foreign exchange (FX) rate applicable at the time of importation for clearing goods in Nigeria.

In a circular published on its website in February 2024, the CBN stated that the FX rate at the point of importation should be used for import duty assessment until the final clearance is completed.

Part of the circular reads:

“Following the liberalisation of the FX market, the CBN has noted the concern of Importers of goods and services in the irregular changes in the Import Duty Assessment levies applied by the NCS.

“These developments have further built uncertainties around the pricing structure of goods and services in the economy.

“It is creating abnormal increase in the final sale prices of items, which is largely driven by uncertainty rather than traditional market fundamentals, with implications to near term inflation trend.

“To this effect, the CBN wishes to advise that the NCS and other related parties adopt the closing FX rate on the date of opening Form M for the importation of goods, as the FX rate to be used for Import Duty Assessment."

New naira to dollar exchange rate

The new custom rate comes as the naira improves in value against the US dollar in the official Nigerian Foreign Exchange Market (NFEM).

In the official FX market, data from the CBN showed that the Naira appreciated by 0.13 per cent, gaining N2.03 to close at N1,581.48/$1. This marked a modest improvement from Monday’s rate of N1,586.19/$1.

The local currency, however, traded flat against both the Pound Sterling and the Euro. It closed Tuesday’s session at N2,143.37/£1 and N1,809.49/€1, showing no change from the previous day’s figures.

In the black market, the naira also closed steady, with the exchange rate unchanged at N1,615/$1.

Customs begins new form M processing

Earlier, Legit.ng reported that the Nigeria Customs Service (NCS) kicked off the pilot phase of processing Form M via the newly developed B’Odogwu unified customs management system.

The new system is a key step in its drive to digitise and streamline trade procedures across all commands.

The pilot phase was launched at the Port and Terminal Multiservices Limited (PTML), Tin Can Island Port, and the Apapa Area Command.