Again, CBN raises import duty forex rate, 4th time in 10 days
The Central Bank of Nigeria (CBN), on Wednesday, February 14, readjusted the Customs forex exchange rate from N1444.56/$1 to N1,481.482/$1.
The forex exchange rate was reviewed upward by N36.922 that is, 2.56 percent against the last increment, in the early hours of Wednesday, 14th February, 2024.
Also, the adjustment will be the 5th in 12 days and the 9th since the beginning of the administration of President Bola Tinubu in May 2023.
Marítime experts have, however, argued that with the upward review, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.
Recall that in June 24, 2023, the CBN adjusted the forex exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, in December it was adjusted to N951.941/$.
Also, on February 2 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 to N1,444.56/$1 and currently, Wednesday, February 14, the CBN adjusted the exchange rate to N1481.482/$1.
