In a monetary twist, the Central Bank of Nigeria (CBN) has once again orchestrated a shift in the exchange rate for cargo clearance, setting it at a new high of N1,605 per Dollar on behalf of the Federal Government.
This latest adjustment comes on the heels of a series of recent fluctuations, marking a turbulent journey from N1,515/$ to a temporary dip at N1,472/$. The dynamic landscape of the exchange rate has been a rollercoaster ride since January, commencing at N952/$ in December, ascending through N1,356/$, N1,413/$, and finally reaching N1,444/$ before settling at the current elevated rate of N1,605/$.
The PUNCH reports that a visit to the Nigeria Customs Service portal on Wednesday morning confirms the integration of the new rate, underlining the real-time impact on cargo clearance.
This financial narrative, akin to a suspenseful chapter, leaves economic observers on the edge of their seats, pondering the implications of these frequent adjustments. As the journey of the exchange rate continues to unfold, stakeholders brace themselves for potential economic ripples, with the fluctuating figures serving as a barometer of Nigeria’s financial dynamics. More details on this unfolding story will be revealed shortly.
