This is a reduction of N124.12 from the previous figure.

The new figure reflects the prevailing exchange rate on the CBN’s official window.  The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX market.

The exchange rate for cargo clearance peaked at N1,624.7/$1 on March 12, 2024, before the gradual decline to the current figure.

The Nigeria Customs had earlier stated that the exchange rate for cargo clearance would follow the CBN’s official rate.

The apex bank on the other hand had addressed the frequent changes on the customs exchange rate and the attendant confusion stating that the exchange rate on the date of opening the ‘Form M’ will be used for import duties assessment.

The CBN in recent times has instituted a motley of reforms aimed at stabilizing the forex market, dispelling speculations, eradicating distortions, and strengthening the value of the naira.

The near parity between the official and parallel market exchange rates signifies the successful implementation of the Central Bank of Nigeria’s (CBN) foreign exchange market reforms in recent times.

This week, the Central Bank will hold its second monthly Monetary Policy Committee (MPC) in 2024 where it would decide to either hold MPR or increase it as part of measures to strengthen the naira and reduce inflation rate across the country.

In its last MPC meeting, the apex bank increased MPR by 400 basis points from 18.75% to 22.75% last month.

The Central Bank of Nigeria (CBN) has raised the forex rate for the clearance of goods from N1444.56/$ to N1515.09 against the USD, marking an increase of N70.53 compared to the prior rate.

A check of the federal government’s single-window trade portal of the customs service indicates that the former forex of N1444.56 to the USD has been adjusted upwards to N1515.09.

The Nigeria Customs Service imposes duties on imported cargoes before clearance from the ports. These charges range from 5% to 35% depending on the harmonized commodity and coding system (HS code).

The CBN has been regularly adjusting the exchange rate for goods clearance to reflect what is obtainable in the official window.

In the last two weeks, the apex bank has adjusted the rate three times from N951.94/$ to N1356.88/$ representing an increase of 42.7% on the 2nd of February before this current increase.

The local currency had crossed the N1500 mark this month marking a record depreciation despite the increase in transactions.

In his appearance before the senate, Yemi Cardoso,  the Governor of the Central Bank, stated that the volume of transactions on the FX market has crossed $1 billion– the first time in years.

He opined that the increase in the volume of transactions is due to the series of reforms embarked on by the apex bank.

Some of these reforms include the discontinuance of the CBN development finance program, removing the cap on the spread of interbank transactions and many others. He noted that the bank’s policies are geared to discourage arbitrage, and increase inflow, especially from the diaspora.

Also, in his address at the Nigerian Economic Summit Group (NESG), the governor said he believes the naira is undervalued and with the current reforms, the naira will find its true value.

Our correspondent gathered that the Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.

The increment recorded was as a result of the floating of naira that allowed market forces determine the exchange rate of its currency.

Stabilize the Naira, US Treasury’s Adeyemo tells Tinubu

This is coming barely three weeks after the rate was increased from N757/$ to N783/$, representing a 3.4 per cent increase.

Details later…