ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 9, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Exchange Rates

Customs FX Rate For Import Duties Rises Above Official Market Rate

Checks on the customs exchange rate portal reveal that the exchange rate for cargo clearance stood at N1,330.36/USD

by NewsOnline Nigeria
April 3, 2024
in Exchange Rates, Top Stories
0
T-Bills Sales

CBN

Customs FX Rate for Import Duties has risen above the official market rate.

 

NewsOnline Nigeria reports that the current exchange rate for customs import duties and cargo clearance payment is higher than the official foreign exchange market rate of the Naira and the USD.  

 

Checks on the customs exchange rate portal reveal that the exchange rate for cargo clearance stood at N1,330.36/USD while the naira closed at N1,278/$1 on the official market yesterday and even much stronger on the parallel market at N1,250/$1.  

 

The exchange rate for customs import duties assessment had earlier been increased from N1,303.85/$1 to the current figure. This indicates an increase of N26.52 since the 31st of March 2024.  

 

SEE ALSO: CBN Naira Defence Projected To Cost Nigeria N1.01 Trillion From Q1 NTB Auctions

 

Strengthening of the Naira 

Starting in mid-March, the Nigerian naira has appreciated against the U.S. dollar, reducing the foreign exchange (FX) rate used for assessing customs import duties. This rate decreased from a high of N1,612.28 on March 16 to its present value, marking a fall of N281.92 or 17.46% in just two weeks. 

Throughout March, the naira experienced a significant appreciation, gaining approximately 21.8%—the most substantial increase in five years. 

Recent reforms by the CBN 

The recent rise in the naira’s value is largely due to the reforms by the central bank, including a notable interest rate increase of 600 basis points over two months. As a result, the Monetary Policy Rate (MPR) surged from 18.75% at the start of the year to 24.75% by March’s end. 

 

The central bank has been proactive in regulating the activities of Bureau De Change (BDC) operators to curb speculation, proposing increased share capital requirements of N2 billion for Tier-1 licenses and N500 million for Tier-2 licenses. 

 

Moreover, the bank has initiated the sale of foreign exchange to BDCs at a set rate, enforcing a maximum selling price, and has revoked the licenses of over 4,000 BDC operators nationwide in a significant regulatory crackdown. 

ADVERTISEMENT
Previous Post

Donald Trump Sues Truth Social Co-Founders Over Breach Of Agreement

Next Post

Projects President Tinubu Will Commission In May To Mark 1 Year In Office (FULL LIST)

Next Post
Telecom, Gaming, Betting Services

Projects President Tinubu Will Commission In May To Mark 1 Year In Office (FULL LIST)

Trending Stories

No Content Available

Latest Stories

WhatsApp

WhatsApp Tests Username Feature to Replace Phone Numbers in Major Privacy Update

Former INEC Chairman Mahmoud Yakubu

Court Orders Arrest of Former INEC Chairman Mahmoud Yakubu

Gold Prices

Gold Prices Hit Record $3,800 as Global Central Banks Accelerate Buying Spree

CBN

CBN Imposes Tougher Sanctions on PoS Operators, Sets ₦5 Million Minimum Fine for Non-Compliance

Premium Times

Premium Times Reveals How It Uncovered Ex-Minister Uche Nnaji’s Certificate Scandal

Israel, Hamas

BREAKING: Israel, Hamas Agree To Trump’s Gaza Peace Plan in Landmark Deal

Nigeria Police

BREAKING: Nigeria Police Suspend Enforcement Of Tinted Glass Permit

OPay

OPay Faces Mounting Scandals as Fraud Cases, Legal Disputes Erode Public Trust

Moniepoint

Moniepoint Records $1.2 Million Loss in First Year of UK Operations Amid Expansion Drive

Adunni Ade Wins ₦20 Million Court Case Amid Alleged Romance Rumours With Dino Melaye

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria