Less than five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has again, increased the rate to N1605.82 per dollar.
“The rate has further dashed the hopes of customs brokers and their importers that the Apex Bank has finally loosened its foot on the pedal.
Unstable Exchange Rate
“The rate was already reflected on the Customs portal today, February 21, 2024.” Recall that the CBN raised the rate to N1,515.48 24 hours earlier. On Friday, February 16th 2024, then lowered it to N1,472.756 per dollar.
Don’t forget that the House of Representatives protest, which raised concerns about the apex bank’s arbitrary manipulation of the customs duty exchange rate, prompted last week’s cut.
Jerrymusa.com reports that there has been talk about whether the recent increase which the stakeholders suggested won’t be the last will make CBN aware of the aches, hunger, and overall misery that exist in the nation.
Customs brokers have expressed their regret that the constant rises have had a detrimental effect on both trade volume and their businesses, with some importers abandoning their goods at the ports and others rerouting their shipments to neighbouring ports.
Early this year, the CBN raised the exchange rate for customs duties more than five times in a single month.