Customs duty exchange rate: CBN raises to N1,605.82 per dollar

The customs duty exchange rate, barely five days after it was marginally reduced from N1515.48 to N1472.756 last Friday, apparently in deference to the appeal by the House of Representatives, the Central Bank of Nigeria (CBN), has again, for the umpteenth time, increased the rate to N1605.82 per dollar.

The rate, which has already been reflected on the Customs portal today, February 21st, 2024, has further dampened the hope of the despondent customs brokers and their importers that the Apex bank has finally eased its foot on the pedal.

It could be recalled that last Friday, February 16th, 2024, the CBN reduced the rate to N1,472.756 per dollar 24 hours after it raised it to N1,515.48.

This was in response to the appeal made by the members of the House of Representatives, who frowned at the frivolous manner in which the apex bank has been jerking up the customs duty exchange rate.

The recent increase, which the stakeholders said will not be the last, has set tongues wagging about whether the CBN is sensitive to the pains, hunger, and general sufferings in the country.

Already, the incessant increases have negatively impacted trade volume at the Nigerian ports, as some importers have abandoned their goods at the ports while others have fled to the neighbouring ports.

It could be recalled that the CBN has increased the customs duty exchange rate over five times in one month this year.