The Central Bank of Nigeria (CBN) has announced a new adjustment to the exchange rate used for Customs duty clearance, reflecting the prevailing performance of the naira in the foreign exchange market.

This latest revision aligns the customs exchange rate with the closing dollar rate in the Nigeria Foreign Exchange Market (NFEM), ensuring a more responsive and accurate approach to trade and customs operations.

The adjustment underscores the CBN's commitment to fostering a dynamic financial environment, where exchange rates reflect real-time market conditions, thus promoting fairness and transparency in international trade.

This move is expected to impact importers and exporters, as it directly influences the cost of goods cleared through Nigerian ports, reinforcing the interplay between market trends and fiscal policies.