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| Naira Depreciation: FX Exchange Rate for Customs Hits N1,457 Against Dollar, a Recent High |
The Naira's value has been on a downward trend, falling to N1,466.31 per dollar from N1,072 per dollar in mid-April
The Central Bank of Nigeria has increased the foreign exchange rate used for calculating tariffs and import duties to N1,457 against the dollar, in response to the ongoing depreciation of the Naira in the FX market.
This update is reflected in the most recent figures on the CBN’s portal.
It's worth noting that just weeks prior, the apex bank had adjusted the rate to N1,327.35 per dollar.
This new hike marks the highest rate since March 22, 2024, when it was at N1,572.5 percent.
The Naira's value has been on a downward trend, falling to N1,466.31 per dollar from N1,072 per dollar in mid-April.
In light of these fluctuations, the Centre for the Promotion of Private Enterprise has suggested that the CBN set the customs exchange rate at N1,000 per dollar to counteract the volatility in the country’s foreign exchange market.
