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

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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.

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