The Central Bank of Nigeria (CBN), on behalf of the federal government, has increased the exchange rate for cargo clearance to N1,605/$. Since President Bola Tinubu assumed power in May 2023, the exchange rate has been reviewed upward nearly 10 times. The first was in June 2023 when it was adjusted from N422.30 per dollar to N589 per dollar. As importers were trying to adjust, the apex bank moved it to N770.88 per $1 in July. On November 14, 2023, the CBN slammed another adjustment on exchange rate, rising from…
Read MoreExchange Rate For Cargo Clearance Hits N1,605/$
