In a rapid turnaround, the Central Bank of Nigeria (CBN) has once again escalated the Customs Exchange rate, now pegged at N1,605.82 per dollar. This decision comes just days after a slight reduction from N1,515.48 to N1,472.756 last week, further adding to the fluctuating landscape of currency exchange policies.
Effective today, February 21st, 2024, the revised rate has been promptly updated on the Customs portal. This move dashes the hopes of customs brokers and importers who anticipated a more stable regulatory environment.
This recent increase marks a familiar pattern of adjustments by the CBN, raising concerns about the institution’s responsiveness to the challenges faced by businesses and the general populace. It is noteworthy that just last week, on February 16th, 2024, the CBN had reduced the rate to N1,472.756 per dollar, following pressure from the House of Representatives.
Stakeholders have expressed dismay over the frequent alterations, emphasizing the adverse impact on trade volume and business operations. Customs brokers particularly bemoan the detrimental effects on their livelihoods, with reports of goods being abandoned at ports and cargoes diverted to neighboring countries.
Notably, this escalation signifies the fifth adjustment in the customs duty exchange rate within a single month, raising questions about the predictability and stability of Nigeria’s currency policies. As the economic landscape continues to navigate these fluctuations, concerns linger about the broader implications for businesses and the nation’s economy at large.
