On Wednesday, February 14th, the Central Bank of Nigeria (CBN) revised the Customs exchange rate from N1444.56/$1 to N1,481.482/$1.
This adjustment amounted to an increase of N36.922 or 2.56 percent compared to the previous increment, implemented in the early hours of the same day.
Furthermore, this adjustment marks the fifth within a span of 12 days and the ninth since the inauguration of President Bola Tinubu’s administration in May 2023.
Maritime experts contend that as a result of the upward revision, Nigerians will face increased costs for clearing their goods at the port, as import duties are tied to the dollar.
Recalling previous adjustments, on June 24, 2023, the CBN revised the exchange rate from N422.30/$ to N589/$. Subsequent adjustments occurred on July 6, 2023, to N770.88/$, November 14, 2023, to N783.174/$, and in December to N951.941/$. Further adjustments took place on February 2 to N1,356.883/$, February 3 to N1,413.62/$, February 10 to N1,417.635/$, February 11 to N1,444.56/$, and most recently, on Wednesday, February 14, the CBN adjusted the exchange rate to N1,481.482/$.
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