Yes, smoking a cigarette is not a violation of the precept.
Briefly though, it's worth noting that the intention of the fifth precept is to avoid substances which can lead to heedlessness (of the other other precepts). While the act of smoking a cigarette is not a violation (and the act of drinking a beer is, because of its direct influence on us), when one becomes addicted to cigarettes he will inevitably find himself in situations where he cannot smoke.
Any hardcore smoker who has been stuck on a long plane flight knows exactly how quickly withdrawals set in, and how much shorter our fuse gets, and how much that can add to the challenge of practicing right speech.
Just a thought from an ex-smoker...