The Central Bank of Nigeria, on behalf of the Federal Government, has once again adjusted the exchange rate for cargo clearance, setting it at N1,605/$.
This revision follows recent fluctuations, starting from N1,515/$, which was then reduced to N1,472/$, before reaching the current rate of N1,605/$.
Since the onset of the year, there have been several adjustments, with the rate moving from N952/$ in December to N1,356/$, then to N1,413/$, and further to N1,444/$. The most recent adjustment now stands at N1,605/$.
A check on the Nigeria Customs Service (NCS) portal on Wednesday confirmed the updated exchange rate.
Earlier in February, the CBN had increased the exchange rate from N1,444.56/$ to N1,515.09/$ for the clearance of goods.
Upon imported cargo arrival at the ports, the Nigeria Customs Service levies duties, ranging from 5 per cent to 35 per cent, depending on the harmonized commodity and coding system (HS code).
In a recent Senate appearance, the Central Bank Governor, Yemi Cardoso, highlighted that the foreign exchange market’s transaction volume had exceeded $1 billion, a significant milestone after years.
Cardoso attributed this surge in transactions to various reforms initiated by the central bank. These reforms include discontinuing the CBN development finance program, eliminating the cap on interbank transaction spreads, and others. He emphasized that the bank’s policies aim to discourage arbitrage and enhance inflows, particularly from the diaspora.
