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

545

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

FinanceNews

Nigeria: There’s No Legal Basis To Seizure of Osun Local Government Allocation – Adeleke Tells APC-Led FG

Governor Ademola Adeleke of Osun State has called on President Bola Tinubu...

News

Mali’s Supreme Court Orders Detention Of Former Prime Minister Choguel Maïga

Mali’s  Supreme Court on Tuesday ordered the detention of former transitional government...

Niger official language
NewsSecurity

Niger Ends Intelligence Partnership with Morocco Over Suspected French Infiltration

Niger authorities have suspended an intelligence-sharing agreement with Morocco, citing suspicions of...

Quaterly Budget Report
FinanceNews

Tinubu’s Budget Office Fails To Publish Q1 And Q2 2025 Budget Performance Reports, First Delay In 15 Years

For the first time since 2010, Nigeria’s Budget Office of the Federation...