In another surprising move, the Central Bank of Nigeria (CBN) has once again increased the Customs Exchange rate to N1,605.82 per dollar, just days after a slight reduction from N1,515.48 to N1,472.756.
The sudden reversal, now reflected on the Customs portal as of February 21st, 2024, has left customs brokers and importers disheartened, dashing hopes of a more stable exchange rate.
Last Friday’s reduction, prompted by House of Representatives’ appeals, proved short-lived, as the CBN swiftly reverted to higher rates, fueling speculation about the bank’s responsiveness to the nation’s economic challenges.
With concerns mounting, stakeholders wonder if the CBN fully grasps the economic hardships faced by businesses, particularly customs brokers, who lament the negative impact on trade volume and operations.
The frequent rate fluctuations have forced importers to reconsider their strategies, with some abandoning goods at ports and others diverting cargoes to neighboring countries’ ports.
This latest increase marks the sixth adjustment by the CBN in just one month, raising questions about the bank’s long-term strategy amidst ongoing economic uncertainties.
