Nigerian importers will pay less to clear goods at Nigeria’s air and seaports following the naira’s appreciation.

Data from the Customs trade portal shows that the Central Bank of Nigeria (CBN) has lowered the foreign exchange rate for cargo clearance at Nigeria’s ports.

CBN releases new Customs rate

The apex bank fixed the Customs foreign exchange rate at N1,470.53 per dollar.

Findings by Legit.ng show that the official Customs rate has remained unchanged in the last three days, showing the naira’s stability.

The development means that importers opening Form M, an essential document for cargo clearance, will pay less to clear goods at various ports across the country.

The CBN sets the Customs exchange rate based on the prevailing official dollar rate.

The naira appreciates in NFEM

Analysts have asked the financial sector regulator to peg the Customs rate monthly or quarterly to avoid volatility.

Meanwhile, checks reveal that the Nigerian currency has continued to appreciate in the Nigerian foreign exchange market (NFEM).

At the close of trading on Tuesday, October 21, 2025, the naira rallied to N1,463.4520 per dollar, up from N1,465.2936 the previous day.

Experts express optimism

Experts have attributed the naira’s rebound to rising foreign reserves and forex inflows into the Nigerian economy.

“There is a lot of confidence in the economy now by foreign investors,” Janeth Ogochukwu, senior banker and economist, told Legit.ng during a call.

According to her, CBN’s reforms and foreign exchange reserves have attracted positive sentiment to the economy.

Forex inflows improve

The apex bank disclosed at a recent outing in Washington D.C. that Nigeria’s monthly foreign exchange turnover averages $8.6 billion, signifying improved investor confidence in the economy.

Behind the naira’s appreciation is the rise in Nigeria's external reserves, which climbed to $42.696 billion, the highest since 2019.

The reserves increase comes despite a decline in global crude oil prices.

Analysts are optimistic that if the naira continues to appreciate, importers will clear goods for less and will translate to cheaper products nationwide.