The Nigeria Customs Service (NCS) import duties and cargo clearance payment exchange rates are higher than the official foreign exchange market rate of the Naira and the United States dollar. Currently, on the customs exchange rate portal, the exchange rate for cargo clearance stood at N1,330.36/$1 while the naira closed at N1,278/$1 on the official market and N1,250/$ at the parallel market on Tuesday 02 April. The exchange rate for customs import duties assessment had been increased from N1,303.85/$1 to the recent figure earlier—indicating an increase of N26.52 since 31 March 2024. Starting in mid-March, the Nigerian naira has appreciated against the 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 a fortnight. Through March, the naira appreciated significantly, gaining approximately 21.8%—the most substantial increase in five years. 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. Consequently, 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. Having revoked the licenses of over 4,000 Bureau De Change (BDC) operators in a far-reaching regulatory crackdown and enforcing a maximum selling price earlier in the year, the apex bank is ensuring that the sale of foreign exchange by the BDCs is at a set rate.
