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HomeBusinessWhy the CBN adjust Customs FX rates for...

Why the CBN adjust Customs FX rates for duty clearance despite experts' advice

Date:

  • The Central Bank of Nigeria has adjusted the Customs FX rate for cargo clearance again for the second time in three days
  • The CBN hiked the rate to N1,441.53 per dollar, which is N39.53 above the official exchange rate of N1,402 per dollar that the naira traded at on Thursday, May 2, 2024
  • The development comes as experts have asked the CBN to adopt a quarterly FX rate for Customs duty clearance

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Despite expert advice, the Central Bank of Nigeria (CBN) has again adjusted the Customs exchange rates for cargo at Nigerian ports.

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