The Central Bank of Nigeria (CBN) has adjusted the Customs Exchange Rates for cargo clearance following the strengthening of the Nigerian naira in all foreign exchange markets......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
The naira has been surging since this week due to a series of measures introduced by the CBN, including the newly launched FX Codes, to boost liquidity and transparency.
CBN introduces FX codes to boost liquidity
CBN had warned banks and currency traders of severe consequences if they violated the FX Code and asked them to embed it in their daily operations.
Analysts believe the FX Code launch and other CBN market-friendly policies are responsible for the naira’s bullish run in the forex markets.
Data from the Customs trade portal shows that the CBN reduced the exchange rate for cargo clearance three times in one week, from N1,522 per dollar to N1,507 and N1,500.
It means that importers opening Form M for cargo clearance will pay N7 less than those who opened the previous day.
The naira’s rally has boosted investors’ confidence and injected fresh hopes in Nigeria’s forex markets.
On Thursday, January 30, 2025, the naira broke into the N1,400 ceiling after rallying the previous day.
Naira appreciates to new high
The Nigerian currency appreciated 1.64% to close at N1,485.95 per dollar, the highest in January.
Currency dealers quoted the dollar at a high of N1,516 and a low of N1,470 per dollar.
Meanwhile, the naira traded flat in the parallel segment of the foreign exchange market at N1,640, the same as the previous day’s rate.
Naira on a gain streak, hits new high against USD
Legit.ng earlier reported that the naira had been recovering since the apex bank implemented several reforms.
The apex bank launched a new FX Code to boost liquidity and transparency, warning banks and traders of dire consequences if they violate it.
Analysts believe the new code had paid off following the gains of the naira in the official and parallel market windows.