*FX Rate On Cargo Clearance Drops To N1448.386/$1
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The Nigeria Customs Service (NCS) has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles.
Abdullahi Maiwada, spokesperson of the NCS, said in a statement yesterday that the directive is from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Part of the statement reads: “To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.”
As Naira continues to strengthen against foreign currencies, especially the United States Dollar (USD) at both parallel and official markets, the foreign exchange on cargo clearance at the nation’s seaports and international airports across the country has been reduced again.
Recall that the Central Bank of Nigeria (CBN), on Saturday, slashed the foreign exchange rate on cargo clearance from N1,572.507/$1 to N1448.386/$1.
Data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted seven days.
The Naira has now gained over 12% in one week, suggesting that the apex bank’s policies, implemented aggressively since February, were beginning to yield fruits.
On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling.
To this end, importers that opened Form ‘M’ on Wednesday will pay less to clear their cargoes as import duties are benchmarked against the dollar.
Also, importers will open Form ‘M’ at a lower rate compared to those who opened Form ‘M’ on Friday, March 23, 2024, according to the central bank’s new directive to Nigeria Customs Service (NCS) to use the rate on the date of submitting Form ‘M’ for calculating import duties.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
