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Less than a week after a slight reduction in the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has once again raised the rate to N1605.82 per dollar.
The updated rate, effective February 21st, 2024, as reflected on the Customs portal, has further dashed the hopes of customs brokers and importers, leaving them disillusioned as it appears the Apex bank has not eased its stance.
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It’s worth noting that just last Friday, February 16th, 2024, the CBN decreased the rate to N1,472.756 per dollar, a day after an initial increase to N1,515.48.
The previous reduction last week came in response to the House of Representatives appeal, expressing dissatisfaction with the arbitrary manner in which the apex bank was adjusting the customs duty exchange rate.
The latest increase, which stakeholders believe may not be the last, has sparked discussions about the sensitivity of the CBN to the prevalent hardships, hunger, and overall suffering in the country.
Customs brokers have voiced their concerns, highlighting that the frequent rate hikes have adversely affected their businesses and trade volumes. Importers, faced with these challenges, have either left their goods unattended at the ports or redirected their shipments to neighboring countries’ ports.
It’s noteworthy that the CBN has adjusted the customs duty exchange rate on more than five occasions in just one month this year.
