The Central Bank of Nigerian (CBN) has for the umpteenth time, increased customs duty clearing rate to N1605.82 per dollar, Theliberationnews can authoritatively reports.
The increment is coming barely five day after the apex bank marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 per dollar, after several unjustifiable increment.
Theliberationnews observed that the rate has reflected on the customs portal today, February 21st, 2024, thereby dampening any iota of hope and joy that customs brokers and their importers have about last weekend’s marginal decrease development.
Recall that last Friday, February 16th, 2024, the CBN reduced the rate to N1,472.756 per dollar 24 hours after it raised it to N1,515.48.
Also recall that 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.
The recent increase, which the stakeholders said will not be the last, has set tongues wagging about whether the CBN is sensitive to the pains, hunger and general sufferings in the country.
Customs brokers have lamented that the incessant increases have impacted negatively on their businesses as well as trade volume, as importers have abandoned their goods at the ports while others have diverted their cargoes to the ports of neighboring countries.
