CBN increases exchange rate for cargo clearance to N1,605 per US dollar

In light of the ongoing foreign exchange crisis, the Central Bank of Nigeria increased the exchange rate for cargo clearance to N1,605 per US dollar, marking the sixth rise in 2024, according to ZINGTIE.

ZINGTIE discovered that the Nigeria Customs Service portal launched the new exchange rate on Wednesday, February 21.

This happened just a few days after the exchange rate dropped to N1,472 from N1,515 per US dollar.

ZINGTIE reminds readers that the CBN changed the exchange rate from N951.941 to N1,356.883 per US dollar on February 2 to calculate import tariffs.

It increased to N1,413.62 per US dollar on February 3. It was raised to N1,417.635 per US dollar on February 10. The rate was revised to N1,444.56 per US dollar on February 12 and increased to N1,481.482 per US dollar two days later, on February 14.

The ongoing free collapse of the naira versus the US dollar in the foreign exchange market is not unrelated to the development.

The naira did, however, slightly strengthen to N1,551.24 per US dollar on Tuesday from N1,574.62 traded on Monday, according to data from FMDQ.

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