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CBN Increases Exchange Rate For Cargo Clearance

The Central Bank of Nigeria (CBN) has increased the exchange rate for cargo clearance, marking the sixth adjustment in 2024 due to ongoing foreign exchange challenges. GoldenNewsNggathered that the rate has been set at N1,605 per US dollar, reflecting the latest measure to manage the fluctuating foreign exchange conditions.

This adjustment was implemented on the Nigeria Customs Service portal on Wednesday, February 21, following a series of rate changes. Notably, the exchange rate experienced a prior increase to N1,515 per US dollar before a reduction to N1,472.

Further back, on February 2, the CBN revised the exchange rate for calculating import duties to N1,356.883 per US dollar. Subsequent adjustments saw the rate increase to N1,413.62 on February 3, to N1,417.635 on February 10, to N1,444.56 on February 12, and then to N1,481.482 on February 14.

These frequent adjustments are a response to the naira’s consistent depreciation against the US dollar in the foreign exchange market. However, recent data from FMDQ indicates a slight appreciation of the naira to N1,551.24 per US dollar on Tuesday, up from N1,574.62 on Monday.

 

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