Image of cargo ship for illustrative purposes
The Central Bank of Nigeria has once again adjusted the exchange rate for cargo clearance, setting it at N1,605 to the US dollar. This latest increase follows a recent rise to N1,515/$ and a subsequent drop to N1,472. Since January, the rate has fluctuated several times, starting at N952/$ in December, then escalating to N1,356/$, followed by increments to N1,413/$, N1,444/$, and finally reaching N1,515/$ before settling at the current rate of N1,605/$.
Upon visiting the Nigeria Customs Service portal, our correspondent confirmed the updated exchange rate was prominently displayed.
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