CBN Increases the Exchange Rate at the Nation’s Airports and Seaports

Yesterday, it was reported that the Central Bank of Nigeria (CBN) had increased the exchange rate used to calculate tariffs and import duties collected at airports and seaports.

This development comes after the naira depreciated in the official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Click the link to see a full view of other foreign exchange rates.

On Sunday, it was reported that the exchange rate was N1,164.84/$1, but it later increased to N1327.35/$1 on Monday, which signifies an increase of N162.51, or 12.2%.

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According to information obtained online, it was reported that NAFEM closed on Monday for N1419.11, compared to N1,339.23 on Friday, April 26, 2024.

Also, to sustain the naira and stop illegal transactions, the Economic and Financial Crimes Commission (EFCC) requested an interim order to freeze over 1,146 bank accounts owned by people and businesses allegedly involved in illegal foreign exchange transactions. However, the request was granted by a Federal High Court in Abuja.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency's lawyer, Ekele Iheanacho, also approved the commission's request to complete the investigation within 90 days, according to the LEADERSHIP report.

The certified true copy of the verdict, rendered on April 24, was approved on Monday.

The EFCC is also looking into charges related to money laundering and the financing of terrorism.

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Justice Nwite said, "It is hereby ordered as follows: That the applicant's application is hereby granted as prayed.

"That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing to the extent that the investigation will be for a period of 90 days."

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Back Story

On Thursday last week, the Central Bank of Nigeria (CBN) increased the exchange rate for paying customs duties at the nation's seaports by 11.1% following the crash in the value of naira against the dollar in the FX market.

According to information from the Nigeria Customs Service's official trade portal, CBN increased the Customs FX duty rate from N1,150.16/$ to N1,329.94/$ on Thursday, April 25.

This hike indicates a rate increase of 11.1% over the previous opening Form M rate of N1,150.16/$ and an increase of N1,329.94/$ on the cost per dollar to clear goods at the port.