Home News Finance CBN increases customs exchange rate for the umpteenth time in less than a month
FinanceNews

CBN increases customs exchange rate for the umpteenth time in less than a month

566

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

News

Burkina Faso Abolishes Visa Fees For African Travellers To Boost Integration

Burkina Faso has announced the abolition of visa fees for all African...

Traoré inaugurate Cement factory
News

Burkina Faso: President Traoré Delivers Over 700 Vehicles To Brigades Under “Faso Mêbo” Initiative

Burkina Faso’s President, Captain Ibrahim Traoré, has reinforced the country’s push for...

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power
News

Kenya’s Ruto Proposes Mediating Nile Dam Dispute, Seeks to Purchase Ethiopia’s Power

Kenya’s William Ruto has proposed to mediate the Nile Dam dispute between...

Nigerian Influencer Shares 4-Month-Old News, Subtly Implying Nigeria Is IMF-Debt-Free as Tinubu's Borrowing Spree Shifts to World Bank
News

Nigerian Government Pushes “IMF-Debt-Free” Media Narrative As Nigeria Becomes Africa’s Largest World Bank Debtor

A Nigerian social media influencer has resurfaced a four-month-old news report from...