• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 27, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Slashes Customs Exchange Rate By 7.1%

by Yusuf Babalola
1 year ago
in News
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

The Central Bank of Nigeria (CBN), has adjusted the Customs exchange rate for clearance of cargoes at the nation’s seaports and airports from N1,238/$1 to N1,150/$1.

Advertisement

According to data on Nigeria’s trade hub, the exchange rate has been adjusted by 7.1% or N88 from its last rate of N1,238/$1 by the CBN.

The reduction of the Customs exchange rate is in response to the appreciation of the naira against the United States dollar in the official and parallel markets.

Also, the CBN had earlier stated in response to complaints over the frequent changes in the Customs’ FX rate that the exchange rate on the data of the Form M application will be used in calculating the duties collection.

The Nigeria Customs Service (NCS), in collaboration with the CBN, regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.

RELATED

Kidnappers Of Akwa Ibom School Principal Demand N50m Ransom

Residents Jubilate Over Killing Of 3 Notorious Bandits In Sokoto

37 minutes ago
Gov Sani Donates Vehicles To Federal Varsity Kachia

Gov Sani Donates Vehicles To Federal Varsity Kachia

2 hours ago

However, clearing agents have called on the CBN to ensure that the exchange rate for cargo clearance is reduced to N600/$1, to boost port activities.

They argued that activities are yet to pick up at the port despite the depreciation of the United States dollar and appreciation of the naira in the last few months.

Speaking, a clearing agent operating at Tin-Can Island port, Akinola Oluwaseun, said sustaining the foreign exchange markets gain will make economic activities boom in the seaport.

According to him, there has been a significant drop in Customs duty payable on imported Cargo and vehicles.

He stated that the agent, however, targets the Exchange Rate for Customs Clearance to be between N500 or N600/$1 for activities to fully take off.

“The money payable for Customs’ exchange rate has dropped and that has made the duty payment drop. We hope the exchange rate can drop to N600/$1. Foreign exchange, especially the dollar has started dropping in the foreign exchange markets as well as in the clearance of cargoes at the seaport. We hope that by next week, FX will come down more and activities will pick up,” Akinola stated.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Central Bank of Nigeria (CBN)
SendShareTweetShare
Previous Post

Tinubu Off To Netherlands, Saudi Arabia For Official Visit, World Economic Forum

Next Post

Jr Pope: Again, Fufeyin Gifts Survivor Of Boat Accident N2m

Yusuf Babalola

Yusuf Babalola

You May Like

Kidnappers Of Akwa Ibom School Principal Demand N50m Ransom
News

Residents Jubilate Over Killing Of 3 Notorious Bandits In Sokoto

2025/07/27
Gov Sani Donates Vehicles To Federal Varsity Kachia
News

Gov Sani Donates Vehicles To Federal Varsity Kachia

2025/07/27
Trump Meets TikTok CEO as Ban Deadline Approaches
News

Court Remands TikToker, 1 Other Over Alleged Libel Against Late Mohbad’s Wife

2025/07/27
Kidnappers Devise New Tactics, Abduct Popular Musician’s Daughter In Kwara
News

JUST-IN: Gunmen Abduct 6 Law School Students In Benue

2025/07/27
We Suffered In Hands Of Bandits, Kukah’s Brother Narrates Experience
News

Bandits Kill 38 Kidnap Victims In Zamfara

2025/07/27
JUST-IN: Osinbajo Meets APC Chair, Govs
News

‘Naija No Dey Carry Last’, Ex-VP Osinbajo Hails Super Falcons

2025/07/27
Leadership Conference advertisement

LATEST

Residents Jubilate Over Killing Of 3 Notorious Bandits In Sokoto

WAFCON: ‘You’ve Made Us Proud’, Jonathan Celebrates Super Falcons

Gov Sani Donates Vehicles To Federal Varsity Kachia

Falcons’ Victory: Nigeria Coming Back On Global Stage, Says Olawepo-Hashim

Court Remands TikToker, 1 Other Over Alleged Libel Against Late Mohbad’s Wife

JUST-IN: Gunmen Abduct 6 Law School Students In Benue

Bandits Kill 38 Kidnap Victims In Zamfara

‘Naija No Dey Carry Last’, Ex-VP Osinbajo Hails Super Falcons

Police Kill 3 Suspected Bandits, Recover 10 AK-47 Rifles

Bauchi Gov Warns Against Illegal Conversion Of Grazing Land To Farmlands

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.