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The Central Bank of Nigeria (CBN) has increased the Customs exchange rate from N1,444.56/$1 to N1,481.482/$1, marking the fifth adjustment in 12 days and the ninth since the beginning of President Bola Tinubu’s administration in May 2023.
This continuous upward revision in the exchange rate has raised concerns among maritime experts and business stakeholders.
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Importers are expected to face increased costs for clearing goods at the port, as import duties are calculated based on the dollar exchange rate.
The frequent adjustments have led to challenges for businesses, impacting profit margins, inflation, and overall trade conditions.
The CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, expressed concerns about the new duty exchange rate, emphasizing its potential to fuel inflation and increase the cost of imports.
Stakeholders in the business community are grappling with the uncertainty and financial implications of these frequent adjustments.
