The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for cargo clearance to N1,605 per dollar. This decision comes amidst recent fluctuations in exchange rates, which saw rates initially rise to N1,515/$ before dropping to N1,472/$.
Since January, there have been multiple adjustments in the exchange rate, starting from N952/$ in December and gradually increasing to N1,605/$. The exchange rate moved from N1,356/$ to N1,413/$, and then to N1,444/$ before reaching the current rate of N1,605/$.
Reports from The PUNCH indicate that the Nigeria Customs Service portal has already reflected the new exchange rate as of Wednesday morning.