Nigerian Customs Service Records Highest Exchange Rate in Six Weeks for Import Duties Collection

Naira's Decline Against Dollar Impacts Import Duties, Raises Concerns Over Forex Policies


The Nigerian Customs Service (NCS) has observed a surge in the exchange rate for import duties collection, reaching N1457/$, the highest recorded in just over six weeks. Checks on the exchange rate portal of the NCS revealed this uptick, marking a significant increase from the previous rate.

Data on the portal indicates that the current customs exchange rate is the highest since March 22, 2024, when it stood at N1572.5/$. Following this peak, there had been a gradual appreciation of the naira, attributed to policies implemented by the Central Bank of Nigeria (CBN), resulting in the NCS’ exchange rate falling to a three-month low of N1147/$.

However, recent fluctuations in the naira’s value suggest a reversal of the gains made in March, where it emerged as the best-performing currency globally for the month, according to Goldman Sachs bank analysis. An assessment by Nairametrics on the naira’s performance in May reveals a 26% depreciation since its status as the top-performing currency was declared by the CBN and other institutions.

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On Friday, the naira closed at N1466/$ on the official window, while in the parallel market, the exchange rate stood at N1470/$. This decline in the naira’s value since April coincides with the cessation of the sale of FX to Bureau De Change (BDC) operators below the official market rate by the CBN.

The reduction in Nigeria’s foreign exchange reserves by $1.02 billion in just 18 days also coincided with the period of significant naira appreciation against the dollar. Although some analysts speculated that the CBN was defending the naira using the country’s FX reserves, the Governor of the CBN, Yemi Cardoso, refuted these claims during the World Bank-IMF spring meeting.

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Cardoso clarified that the shifts in FX reserves were primarily due to debt payments, emphasizing that the CBN had no intention of defending the naira and reiterated the bank’s policy of being a willing buyer and seller of foreign exchange.

He stated, “The shift you see in our reserves has little or nothing to do with defending any naira and that is certainly not our objective.”

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