Peter Obi Fumes As CBN Increases Customs Exchange Rate By 9%
LAGOS FEBRUARY 21ST (NEWSRANGERS)-Less than five days after the Central Bank of Nigeria (CBN) reduced exchange rate for Customs cargo clearance from N1,515.48 to N1,472.756, the apex regulatory bank, on Wednesday, increased the rate to N1,605.82 per dollar representing nine per cent increment.
But, the presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has called on the federal government to halt the inconsistency in duty charges, saying it was affecting the general business climate in the country.
LEADERSHIP gathered that the new rate, which had already been reflected on the Nigeria Customs Service (NCS) portal, has further dampened the hope of importers.
LEADERSHIP reports that earlier on June 24, 2023, the CBN adjusted the exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, in December, 2023 it was adjusted to N951.941/$.
Also, on February 2, 2024, it was moved to N1,356.883/$ and on February 3, it was raised to N1,413.62/$, on Saturday, February 10, it was changed to N1,417.635/$, on Monday February 11, it was moved to N1,444.56/$1 and on Wednesday, February 14, the CBN adjusted the exchange rate to N1481.482/$1 and on Thursday, February 15, it was moved to N1,515.092/$1.
While on Friday, February 16, 2024, the CBN reduced the rate to N1,472.756 per dollar, and on Wednesday, February, 21, 2024, it has increased it to N1,605.82/$1.
Leadership
CONMEP
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Posted by News Rangers
on Feb 21 2024. Filed under Business, National.
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