• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 28, 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

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

52 minutes ago
Nollywood Filmmaker, Kayode Peters, Dies In Canada

Nollywood Filmmaker, Kayode Peters, Dies In Canada

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

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


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

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach
News

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

2025/06/28
Nollywood Filmmaker, Kayode Peters, Dies In Canada
Entertainment

Nollywood Filmmaker, Kayode Peters, Dies In Canada

2025/06/28
PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano
News

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

2025/06/28
Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike
Business

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

2025/06/28
Coup Calls Blamed On Criminals Losing Ground To Military
News

Fake News Threatens Military Morale — NYSDI

2025/06/28
Niger Killings: NEF Demands State Of Emergency In Northern Nigeria
News

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

2025/06/28
Leadership Conference advertisement

LATEST

Kwara United Win 2025 President Federation Cup

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

Nollywood Filmmaker, Kayode Peters, Dies In Canada

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Fake News Threatens Military Morale — NYSDI

Akwa Ibom APC Chairman Killed In Brawl With PDP Supporters Over Largesse

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

Dantata Leaves Monumental Legacy In Philanthropy, Entrepreneurship — Buhari

Rivers Angels Beat Nasarawa Amazons To Win 2025 President Federation Cup

© 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.