The Nigeria Customs exchange rate for import duties and cargo clearance has fallen below the official market rate of N1251/$, as observed on the Nigeria Customs foreign exchange portal, where it stands at N1246.66/$, a difference of about N5 from the previous rate. This shift is unexpected, given the Customs' consistent trend of maintaining rates above the official market rate in recent months.
Recent weeks have seen a notable decline in the exchange rate applied to import duty payments on the customs portal, suggesting a strengthening of the naira in the foreign exchange market. Previously peaking at N1,624.7 per US dollar, the rate has steadily decreased to its current level. The Customs Service acknowledges the Central Bank of Nigeria's (CBN) influence on these adjustments to align with the official market rate.
The naira's recent strengthening, particularly in the parallel market, contrasts with its performance on the official NAFEM window. This divergence can be attributed to the CBN's decision to sell forex to Bureau De Change (BDC) operators at a rate slightly below the official market rate, contributing to a convergence of rates across markets.
This convergence reflects the successful implementation of the CBN's foreign exchange market policies, including restrictions on International Oil Companies (IOCs) requiring them to stagger repatriation of foreign exchange profits and imposing bans on commercial banks from allocating forex profits for operational costs and dividends distribution.