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Exchange rate for cargo clearance jumps to N1605.8/$1 

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The Central Bank of Nigeria (CBN) has raised the exchange rate for customs clearance at ports from N1537.07 to N1605.82 per USD, an increase of N68.75, reflecting an adjustment to market conditions. 

In response to the Naira’s volatility, the CBN and Nigeria Customs Service have adjusted the exchange rate for cargo clearance three times in the last week, as indicated by the federal government’s trade portal, to ensure accurate valuation amidst fluctuating market dynamics 

The Comptroller-General of the Nigeria Customs had earlier stated that the service does not fix the exchange rate for cargo clearance rather it was the duty of the apex bank to deal with issues pertaining to exchange rate.  

The hike in the exchange rate for cargo clearance implies that Nigerians will incur higher costs for clearing goods, a scenario that will lead to a rise in prices for the end consumer. Nigeria is currently battling a severe cost of living crisis with inflation at a 28year high at 29.90% as of January 2024.  

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