The Central Bank of Nigeria (CBN) has slashed the Customs foreign exchange rate for cargo clearance at Nigeria’s sea and airports.

The development comes amid the appreciation of the Nigerian currency, the naira, in the Nigerian Foreign Exchange Market (NFEM).

The naira has been on a bullish run since the beginning of June, briefly pausing gains on Wednesday, June 11, 2025, closing at N1,540 per dollar.

However, the apex bank fixed the NFEM rate at N1,539 per dollar, from N1,540 on Wednesday, indicating a slight appreciation.

Meanwhile, CBN slashed the Customs foreign exchange rate for duty clearance to N1,539.229 per dollar from N1,551.262, data from the Customs trade portal reveals.

The development means that importers opening Form M from Thursday, June 12, 2025, will pay less for cargo clearance.

Experts asked for a fixed Customs rate

The financial sector regulator is responsible for fixing the foreign exchange rate for Customs and other essential government agencies.

The Customs foreign exchange rate is dependent on the performance of the naira in the forex market and changes based on the prevailing FX rates.

Experts have asked the CBN to fix the Customs rate quarterly or monthly to reduce volatility for importers.

The naira gains amid FX inflow improvements

The naira’s rebound has given some reprieve to importers who access forex at an expensive rate in the FX markets.

Also, the naira’s appreciation against the US greenback has been responsible for reduced prices of imported items in Nigeria.

A previous report by Legit.ng reveals that foreign exchange inflows into Nigeria rose by 62% per month to $5.96 billion in May 2025, as the Nigerian currency, the naira, appreciated to N551 per dollar due to renewed investor confidence and robust domestic participation in the FX market.

FMDQ data shows that the rise in total inflows, which rose from $3.67 billion in April, was caused by a significant increase in contributions from local sources, which accounted for 83.2%.

Importers and exporters contribute to inflows

Domestic inflows rose to a six-year high of 64.2% to $4.96 billion, driven by increased activities from exporters and importers, non-bank corporates and individuals.

According to the data, inflows from exporters and importers surged to $3.11 billion, a sharp rise from $655.7 million in April 2025.

Non-bank corporates contributed about $1.11 billion in May relative to the previous month’s figure of $1 billion, while individual inflows hit $91.4 million from $151.1 million the previous month.