The Central Bank of Nigeria (CBN) has adjusted the Customs exchange rate twice in 24 hours, leading to an increase in the price of imported goods and causing concerns about rising inflation.
Nigerians are in for tougher times in the coming days as the Central Bank of Nigeria (CBN), has adjusted the Customs exchange rate twice in 24 hours. LEADERSHIP reports that the CBN, on Saturday, readjusted the exchange rate on Customs platform from N1,356.883 to N1,413.62/$1, making it the second adjustment within 24 hours.With this increment, the price of goods imported into the country will increase by over 47 per cent, out of the each of the more Nigerians with rising inflation.
Recall that the CBN on June 24, 2023 adjusted the exchange rate from N422.30/$1 to N589/$1 and on July 6, 2023 it was adjusted to N770.88/$1, on November 14, 2023, it was adjusted to N783.174/$1, December 7, 2023, it was adjusted to N951.941/$1, on Friday, 2nd February, 2024, exchange at N1,356.883/$1 while it currently change at N1,413.62/$1. However, Maritime experts, said that the increase in exchange rate means Nigerian importers will pay more to clear their goods at the port as import duty is benchmarked against the dolla
Central Bank Of Nigeria Customs Exchange Rate Adjustment Imported Goods Rising Inflation
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