CBN increases customs exchange rate for the umpteenth time in less than a month
Oluwasegun SanusiFebruary 21, 20241 Mins read1.1k 
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
US Judge Rejects Tinubu’s Bid to Delay Release of DOJ Drug Files, Sets August 21 Deadline
A United States federal judge has rejected President Bola Tinubu’s request for...
Tinubu Government’s Indifference to Nigerian Lives Laid Bare as Counterfeit Alcohol Poisons and Kills
A health crisis is quietly claiming Nigerian lives, but the government appears...
Tinubu’s IPPIS Was Meant to Kill Ghost Workers, Instead It Paid N941 Million to People Who Don’t Exist
President Bola Tinubu approved a comprehensive audit of the Integrated Personnel and...
Ghana and Russia Sign First Visa Waiver Agreement Since Bilateral Relations Began in 1958
Ghana and Russia have signed their first-ever visa waiver agreement, covering holders...