This is coming as customs brokers and importers have expressed dismay over the incessant increases which they said have impacted negatively on their businesses.
By Saidu Idris
365Daily – The Central Bank of Nigeria (CBN) has yet again increased the Customs Exchange rate from N1472.756 to N1605.82 per dollar.
Barely five days ago, it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756. However, on the Customs portal on Wednesday, February 21, 2024, the new rate was uploaded.
This is coming as customs brokers and importers have expressed dismay over the incessant increases which they said have impacted negatively on their businesses.
They lamented that it has reduced their trade volume as importers have abandoned their goods at the ports or diverted their cargoes to ports of neighboring countries.
The CBN has increased the customs duty exchange rate more than five times in 2024, leading to a call by members of the House of Representatives for the bank to reduce the rate.