The Central Bank of Nigeria (CBN) has once again raised the Customs exchange rate, marking the fifth adjustment in 2024 alone.
This latest increment, announced on Wednesday, saw the exchange rate climb from N1444.56/$1 to N1,481.482/$1.
The adjustment, amounting to a 2.56 percent increase, underscores the persistent challenges faced by importers grappling with fluctuating exchange rates. Since President Bola Tinubu assumed office in May 2023, this marks the ninth adjustment under his administration, indicating a volatile economic landscape.
Maritime experts warn that the upward revision will translate to higher costs for clearing goods at the port, as import duties are pegged to the dollar. This latest move follows a series of adjustments throughout the year, with rates soaring from N422.30/$ to the current N1,481.482/$ within a span of just over eight months.
Dr. Muda Yusuf, Chief Executive Office (CEO) of the Centre for the Promotion of Private Enterprise, expressed concerns over the ripple effects of the hike, predicting a surge in inflation and a squeeze on profit margins. He emphasised that such frequent adjustments only compound the challenges faced by importers and hinder trade.
Former chairman of the Association of Nigeria Licensed Customs Agents, Mr. Bisiriyu Lasisi Fanu, echoed these sentiments, highlighting the practical difficulties importers encounter in adjusting to rapidly changing exchange rates. He emphasised the strain on importers who have already calculated costs based on previous rates, leading to delays and backlog at ports.
