CBN Increases The Customs Exchange Rate Once More To N1,605.82 Per Dollar

Less than five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has again, for the umpteenth time, increased the rate to N1605.82 per dollar.

The Customs exchange rate was raised to N1605.82 per dollar by the Central Bank of Nigeria (CBN) on Wednesday, February 21.

This is only five days after on Friday, February 16, it slightly lowered the rate from N1515.48 to N1472.756.

The House of Representatives' protest, which expressed disapproval of the central bank's careless practice of abruptly raising the exchange rate for customs duties, prompted last week's reduction.

Recall that the CBN has raised the exchange rate for customs duties more than five times in a single month so far this year.