CBN increases customs exchange rate for the umpteenth time in less than a month
Oluwasegun SanusiFebruary 21, 20241 Mins read814 
Not up to a week after reducing the Customs Exchange rate, the Central Bank of Nigeria (CBN) has once again hiked the rate to N1605.82 per dollar, reflecting the numerous increases in one month.
The latest adjustment, reflected on the Customs portal on February 21st, 2024, has dashed hopes for customs brokers and importers, who were anticipating a reprieve from the constant fluctuations.
This move came shortly after the CBN lowered the rate to N1,472.756 per dollar on February 16th, 2024, in response to appeals from the House of Representatives.
However, the relief was short-lived as the rate saw another surge, leaving stakeholders questioning the bank’s sensitivity to the economic challenges faced by the citizens.
Customs brokers have expressed frustrations, citing negative impacts on their businesses and trade volume.
Many importers have either abandoned goods at the ports or redirected cargoes to neighbouring countries further exacerbating the economic strains.
About The Author
Related Articles
Benin Votes for New President as Main Opposition Candidate Is Barred and Voter Apathy Threatens Turnout
Voters in Benin will head to the polls on Sunday, April 12,...
Tinubu’s Kenya Comparison Raises Questions as Nigerians Earn Far Less Despite Rising Fuel Costs
The backlash that greeted President Bola Tinubu’s “thank God” moment in Yenagoa...
Nigeria’s Electoral Body Under Fire as INEC Chairman Faces Allegations of Digital Footprint Linked to Pro-Tinubu Political Perception
The Independent National Electoral Commission (INEC) has dismissed allegations circulating on social...
World Bank Praise for Tinubu Reforms Collides With 63 Percent Poverty Reality in Nigeria
Nigeria’s economic direction under President Bola Tinubu is marked by worsening living...