Customs FX rate for cargo clearance drops by N124 to N1,448/$

The exchange rate charged by the Nigeria Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1,572.5/$ to N1,448.38/$; a reduction of N124.12 from the previous figure.

The new figure reflects the prevailing exchange rate on the CBN’s official window.

The naira closed at N1,431 to the USD at the close of trade last week.

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.

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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 customs earlier stated that the exchange rate for cargo clearance would follow the CBN’s official rate.