The Central Bank of Nigeria (CBN), on Wednesday, February 14, increased the Customs exchange rate from N1444.56/$1 to N1,481.482/$1.
The exchange rate was increased by N36.922 that is, 2.56 per cent against the last increment, in the early hours of Wednesday, 14th February, 2024.
This increase will be the 5th in 12 days and 9th since the beginning of the administration of President Bola Tinubu in May 2023.
MarÃtime experts however, argued that with the increment, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.
In June 24, 2023, the CBN adjusted the exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, in December it was adjusted to N951.941/$.
Also, on February 2 it was moved to N1, 356.883/$ and on February 3, it was raised to N1, 413.62/$, on Saturday, February 10, it was changed to N1,417.635/$, on Monday February 11, it was to N1,444.56/$1 and currently, Wednesday, February 14, the CBN adjusted the exchange rate to N1481.482/$1.
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