Once more, the (CBN) has increased the forex rate for import duties, marking the fourth adjustment in just 10 days.


Once again, on Wednesday, February 14, the Central Bank of Nigeria (CBN) revised the Customs exchange rate from N1444.56/$1 to N1,481.482/$1.

This latest adjustment represents an increase of N36.922, equivalent to 2.56 percent, compared to the previous increment. Remarkably, this marks the fifth adjustment within a span of 12 days and the ninth since the inception of President Bola Tinubu’s administration in May 2023. Maritime experts have expressed concerns that the upward revision will lead to higher costs for Nigerians clearing their goods at the port, as import duties are pegged against the dollar.

It is worth noting that previous adjustments occurred on various dates, including June 24, 2023 (N422.30/$ to N589/$), July 6, 2023 (N589/$ to N770.88/$), November 14, 2023 (N770.88/$ to N783.174/$), and December (N783.174/$ to N951.941/$). Subsequent adjustments followed on February 2 (N951.941/$ to N1,356.883/$), February 3 (N1,356.883/$ to N1,413.62/$), February 10 (N1,413.62/$ to N1,417.635/$), February 11 (N1,417.635/$ to N1,444.56/$1), and the latest on Wednesday, February 14 (N1,444.56/$1 to N1481.482/$1).

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