CBN Announces New Exchange Rate For Cargo Clearance

CBN has announced a new exchange rate for cargo clearance.


NaijaOnPoint Nigeria reports that the Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance to N1,605 per US dollar, the sixth increase in 2024 amid the continued foreign exchange crisis.


This Nigeria news platform learnt that the new exchange rate was implemented on Wednesday, February 21, on the Nigeria Customs Service portal.


The development came barely a few days after the rate rose to N1,515 per US dollar and was reduced to N1,472.



NaijaOnPoint Nigeria recalls that on February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941 to N1,356.883 per US dollar.


On February 3, it was raised to N1,413.62 per US dollar. On February 10, it was raised to N1,417.635 per US dollar. On February 12, it was reviewed to N1,444.56 per US dollar, and two days later, on February 14, the rate was raised to N1,481.482 per US dollar.


The development is not unconnected to the persistent free fall of the naira against the US dollar in the foreign exchange market.


However, Data from FMDQ showed that the naira appreciated marginally to N1,551.24 per US dollar on Tuesday from N1,574.62 traded on Monday.