The Central Bank of Nigeria (CBN) has adjusted the exchange rate for customs duty collection, increasing it by N163.
Consequently, the new rate stands at N1,327 to the dollar, up from the previous N1,162. This adjustment brings the customs rate closer to the prevailing official market rate, which closed at N1,350/$ on Monday.
Despite recent efforts by the CBN, including measures against currency speculators and interventions in the foreign exchange market, maintaining stability remains a challenge. The naira experienced significant depreciation over the past week, losing about a third of its value, despite earlier gains between March and April. However, the recent surge in the naira’s value has waned, prompting the need for ongoing adjustments in the customs exchange rate.
The CBN has been proactive in its efforts to stabilise the exchange rate, implementing various policies since the beginning of the year. Despite these efforts, achieving sustained stability remains elusive, according to financial experts.
