Again, CBN Hikes Cargo Clearing Rate by 1.2%

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX) rate for clearance of goods at different import points by 1.2 per cent or N18.44 from N1,593.84/$ to N1,612.28/$.

This is according to the latest information available on the exchange rate portal of the Nigeria Customs Service (NCS).

The new figure for the exchange rate was introduced on March 11 and indicates the prevailing market rate on that day.

Business Post reported that the Naira closed at N1,603/$1 in the official market on Tuesday and was relatively cheaper at N1,602/$1 in the black market. This could see the rate revised yet again in a couple of days.

The CBN had earlier stated that following the floating of the Naira, there will be a regular change to the FX rate for clearance of goods in accordance with the figures from the CBN official market rate.

“Effective 26th February 2024, the closing rate on the date of opening of Form M for importation of goods and services would be the rate that would apply for assessment of goods and services. This supersedes the requirement of Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition) 2018,” a statement signed by Mr Hassan Mahmud, the Director of Trade and Exchange Department at the CBN said.

Following complaints from the business community over the regular changes in the customs FX rate and the resultant confusion while filling the Form M for the importation of goods, the CBN in February introduced a new policy stating that the FX rate on the date of Form M would be used for clearance of goods.

According to the CBN, the move will ease the confusion around different exchange rates and aid planning on the part of both Nigeria Customs and the business community.

The CBN has significantly increased the FX rate for the clearance of goods to reflect its new floating policy which it instituted in June 2023.