The Central Bank of Nigeria ( CBN) has directed the Nigeria Customs Service (NCS) to increase its duty exchange rate to N1605.82 per dollar. This is the fifth time CBN has increased the Customs duty exchange rate in one month this year.
This order is coming barely five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756. Although it is not clear what informed the new order, it may not be unconnected to the appeal by the House of Representatives that the Customs should increase its revenue collection.
The rate, which has already been reflected on the Customs portal as at Wednesday, February 21st, 2024. The new rate has further dampened the hope of the despondent customs brokers and their importers that the Apex bank has finally eased its foot on the pedal.
It could be recalled that last week, the CBN reduced the rate to N1,472.756 per dollar 24 hours after it raised it to N1,515.48.
The recent increase, which the stakeholders said will not be the last, has set the tongues wagging about whether the CBN is sensitive to the pains, hunger and general sufferings in the country.
Already, the incessant increases have impacted negatively on the trade volume at the Nigerian ports as some importers have abandoned their goods at the ports while others have fled to the neighboring ports.