For the first time since the advent of the administration of President Bola Tinubu, the Central Bank of Nigeria (CBN) has reduced the exchange rate for calculations of Customs Duty rates from N1,515.48 to N1,472.75 to a Dollar.
The reduction is by 2.8 per cent, representing N42.244 margin.
The CBN adjusted the Customs exchange rate barely 24 hours after it had increased it to N1,515.48, a move, which triggered backslashes and angry reactions from Nigerians.
LEADERSHIP reports that earlier on 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/$, while in December, 2023, it was further adjusted to N951.941/$.
Also, on February 2, 2024, 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 moved to N1,444.56/$1 and on Wednesday, February 14, the CBN adjusted the exchange rate to N1481.482/$1 and on Thursday, February 15, 2023, it was moved to N1,515.092/$1.
However, for the first time, the exchange rate was reduced to N1472.756/$1, thereby making clearing agents to call for further reduction.
Source: Leadership Nigeria
