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CBN adjusts cargo clearance exchange rate to ₦1,605/$

Ima Elijah

February 21, 2024 12:53 PM

Since January, the exchange rate for cargo clearance has undergone multiple adjustments.

Prices expected to soar as CBN raises exchange rate for cargo clearance [The Cable]

The Central Bank of Nigeria (CBN), acting on behalf of the Federal Government, has once again adjusted the exchange rate for cargo clearance to ₦1,605/$.

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This latest change follows recent fluctuations in exchange rates, with the rate initially rising to ₦1515/$, then dropping to ₦1,472/$, and subsequently increasing to the current rate.

Since January, the exchange rate for cargo clearance has undergone multiple adjustments, starting from ₦952/$ in December and gradually increasing to ₦1,605/$.

This move aims to address currency valuation concerns and align with the evolving economic landscape.

As of now, the revised exchange rate of ₦1,605/$ is reflected on the Nigeria Customs Service portal, impacting the cost implications for cargo clearance in the country.