Again, CBN Slashes Customs Exchange Rate To N1,238/$1

The Customs exchange rate for computing import duty at the nation’s seaports has dropped from N1,246.66/$ to N1,238/$1.

The reduction represents a decline of N6.14 in the past two days even as the current customs exchange rate falls below the official market rate of the NGN to the USD. On Monday, the naira closed at N1,248.5/$ on the official NAFEM window.

According to financial experts, the consistent drop in the Customs exchange rate in the past few weeks reflects the strengthening of the naira during the period.

This also reflected the impact of the CBN reforms since the beginning of the year on the value of the naira in the forex market.

To this end, importers that opened Form M, on Wednesday, will pay less to clear their cargoes as import duties are benchmarked against the dollar.

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Also, importers will open Form M at a lower rate on Monday 8th April, 2024 compared to those who opened Form M on Wednesday, 10th April, 2024 according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.