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FG Raises Exchange Rate For Cargo Clearance To N1,356/$

FG Raises Exchange Rate For Cargo Clearance To N1,356/$

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Customs surpasses Q1 target, tackles smuggling, boosts trade facilitation measures This is cherry news for those in power, as the Nigeria Customs Service (NCS) announced that it raked in a princely sum of ₦1.75 trillion in revenue during the first quarter of 2025. This figure, according to NCS, surpassed its quarterly target by ₦106.5 billion and marking a 29.96 per cent increase over Q1 2024. The Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Tuesday, 22 April 2025, at a press briefing held at the Service Headquarters in Abuja. “These results substantiate our effective measures to curb revenue losses while streamlining compliant trade,” Adeniyi stated. “The 29.96 per cent annual increase and steady monthly collections confirm our strategy is working.” According to the CGC, January recorded the highest monthly collection at ₦647.88 billion, exceeding its target by 18.12 per cent and reflecting a 65.77 per cent increase compared to last year. February and March also recorded impressive performances, surpassing their targets and continuing the positive trend. In enforcement, the Service made 298 seizures worth ₦7.7 billion in Duty Paid Value (DPV). Items seized included 135,474 bags of rice, 65,819 litres of petroleum products, ₦730 million worth of narcotics, and wildlife products with a DPV of ₦5.6 billion. “From rice to wildlife, these seizures demonstrate our targeted approach,” the CGC said. “We remain committed to refining our enforcement strategies through intelligence-led operations, technological advancement, and strengthened inter-agency cooperation.” The Service also processed 327,928 import declarations—a 5.28 per cent increase over Q1 2024—representing goods with a total mass of nearly five billion kilograms and a CIF value of ₦14.8 trillion. Though export declarations decreased, export volumes surged by 348 per cent, indicating a shift towards bulk shipments. “This data clearly suggests Nigeria’s accelerating move towards bulk commodity exports,” Adeniyi noted, “while maintaining consistent total export value—reflecting both changing trade patterns and improved processing efficiency.” Highlighting key modernisation milestones, the CGC announced the continued roll-out of the locally developed B’Odogwu customs clearance platform and the launch of the Authorised Economic Operators (AEO) Programme, which provides expedited processing and reduced inspections for compliant traders. The Service also launched its Corporate Social Responsibility initiative, Customs Cares, supporting education, healthcare, and social welfare in communities nationwide. “Customs Cares represents a structured, scalable approach to community development—transforming corporate responsibility into tangible improvements,” the Customs Boss said. On food security, the CGC highlighted the Service’s role in implementing duty waivers on key staples, contributing to lower food prices nationwide. “This combination of current and past exemptions helps explain the steady improvement in food affordability. The benefits of duty relief emerge gradually but accumulate to make food more affordable,” he stated. Despite these achievements, challenges remain. The CGC pointed to exchange rate volatility, 62 recorded changes during the quarter, and ongoing non-compliance issues, particularly smuggling. “We continue to adapt our strategies to combat increasingly sophisticated smuggling networks,” he said. Looking ahead, the CGC reaffirmed the Service’s strategic focus on modernisation and enhanced service delivery. “We’re not just collecting figures—we’re shaping the future of trade and security in Nigeria,” he concluded. “The numbers show we’re delivering.”

The Federal Government has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This is the second time the rate would be increased barely two months, as it was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

The new rate has been reflected on the portal of the Nigeria Customs Service as at Friday.

Reacting to this, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with The PUNCH on Friday, said, “How do we explain this? From N952/$ to N1.356/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate; vehicle prices would skyrocket again.

“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”

Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.

“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.

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Customs surpasses Q1 target, tackles smuggling, boosts trade facilitation measures This is cherry news for those in power, as the Nigeria Customs Service (NCS) announced that it raked in a princely sum of ₦1.75 trillion in revenue during the first quarter of 2025. This figure, according to NCS, surpassed its quarterly target by ₦106.5 billion and marking a 29.96 per cent increase over Q1 2024. The Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Tuesday, 22 April 2025, at a press briefing held at the Service Headquarters in Abuja. “These results substantiate our effective measures to curb revenue losses while streamlining compliant trade,” Adeniyi stated. “The 29.96 per cent annual increase and steady monthly collections confirm our strategy is working.” According to the CGC, January recorded the highest monthly collection at ₦647.88 billion, exceeding its target by 18.12 per cent and reflecting a 65.77 per cent increase compared to last year. February and March also recorded impressive performances, surpassing their targets and continuing the positive trend. In enforcement, the Service made 298 seizures worth ₦7.7 billion in Duty Paid Value (DPV). Items seized included 135,474 bags of rice, 65,819 litres of petroleum products, ₦730 million worth of narcotics, and wildlife products with a DPV of ₦5.6 billion. “From rice to wildlife, these seizures demonstrate our targeted approach,” the CGC said. “We remain committed to refining our enforcement strategies through intelligence-led operations, technological advancement, and strengthened inter-agency cooperation.” The Service also processed 327,928 import declarations—a 5.28 per cent increase over Q1 2024—representing goods with a total mass of nearly five billion kilograms and a CIF value of ₦14.8 trillion. Though export declarations decreased, export volumes surged by 348 per cent, indicating a shift towards bulk shipments. “This data clearly suggests Nigeria’s accelerating move towards bulk commodity exports,” Adeniyi noted, “while maintaining consistent total export value—reflecting both changing trade patterns and improved processing efficiency.” Highlighting key modernisation milestones, the CGC announced the continued roll-out of the locally developed B’Odogwu customs clearance platform and the launch of the Authorised Economic Operators (AEO) Programme, which provides expedited processing and reduced inspections for compliant traders. The Service also launched its Corporate Social Responsibility initiative, Customs Cares, supporting education, healthcare, and social welfare in communities nationwide. “Customs Cares represents a structured, scalable approach to community development—transforming corporate responsibility into tangible improvements,” the Customs Boss said. On food security, the CGC highlighted the Service’s role in implementing duty waivers on key staples, contributing to lower food prices nationwide. “This combination of current and past exemptions helps explain the steady improvement in food affordability. The benefits of duty relief emerge gradually but accumulate to make food more affordable,” he stated. Despite these achievements, challenges remain. The CGC pointed to exchange rate volatility, 62 recorded changes during the quarter, and ongoing non-compliance issues, particularly smuggling. “We continue to adapt our strategies to combat increasingly sophisticated smuggling networks,” he said. Looking ahead, the CGC reaffirmed the Service’s strategic focus on modernisation and enhanced service delivery. “We’re not just collecting figures—we’re shaping the future of trade and security in Nigeria,” he concluded. “The numbers show we’re delivering.”