CBN reviews Customs exchange rates for cargo clearance as Naira crashes in all markets

The Central Bank of Nigeria (CBN) has released a new exchange rate for cargo clearance at Nigerian ports following the depreciation of the naira in all foreign exchange markets.

The apex bank fixed the Customs rate at N1,536.39 per dollar from N1,530 the previous day

The new Customs exchange rate is the same as the naira rate in the Nigerian Foreign Exchange Market (NFEM), released by the CBN on Friday, March 21, 2025.

The data, obtained from the Customs trade portal, is now N6 higher than the previous rate of N1,530 per dollar.

The Central Bank of Nigeria (CBN) sets the customs duty rate using the closing rate of the naira against the dollar in the Nigerian Foreign Exchange Market (NFEM).

Data from CBN showed that the naira depreciated on Friday, March 20 to trade at N1,536.89 per dollar, relative to N1,530 it traded the previous day.