The Central Bank of Nigeria (CBN) has, again, increased the Customs Exchange rate to N1605.82 per dollar.
This is coming less than five days after the Apex bank marginally reduced the Customs Exchange rate from N1515.48 to N1472.756.
The rate, which has already been reflected on the Customs portal today, February 21st, 2024, has further dampened the hope of customs brokers and their importers that the CBN has finally eased its foot on the pedal.
Recall that last Friday, February 16th, 2024, the CBN reduced the rate to N1,472.756 per dollar, just 24 hours after it raised it to N1,515.48.
The reduction last week was in response to the appeal made by the members of the House of Representatives, who frowned at the frivolous manner in which the apex bank has been jerking up the customs duty exchange rate.
