By Wealth Oghenemaro
The Central Bank of Nigeria (CBN) has revised the foreign exchange rate used by the Nigeria Customs Service for import duties, reflecting the naira’s recent upward momentum against the US dollar.
According to the Customs trade portal, the new FX rate stands at ₦1,552.616/$1, a drop from ₦1,564.94/$1 the day before. The adjustment signals a positive shift for importers, who will now pay slightly less when clearing goods through Nigeria’s air and seaports.
This development follows a bullish run by the naira, which gained significant ground against the dollar in early June. As of last week, the local currency closed at ₦1,551/$1, marking a strong rebound from the ₦1,579/$1 recorded at the end of May.
Trade data reveals that capital inflows have surged, with total inflows from exporters and importers hitting $3.11 billion in May — a dramatic jump from $655.7 million recorded in April. Notably, non-bank corporates contributed $1.11 billion, slightly up from $1 billion the previous month, while individual inflows declined to $91.4 million from $151.1 million.
Despite this progress, foreign direct investment (FDI) dipped by 6.3%, falling to $880.8 million. Still, analysts believe investor confidence is on the rise, driven by the CBN’s aggressive monetary stance and ongoing Open Market Operations (OMO) sales offering attractive yields.
The naira appreciated by 2.3% week-on-week as of June 5, bolstered by increased foreign portfolio participation in OMO auctions.
Earlier reports had indicated a turning point for the naira at the start of June, reversing its end-of-May losses. The local currency gained ₦16 between May 30 and the first week of June, largely attributed to CBN interventions and improved dollar supply.
