The Central Bank of Nigeria (CBN) has implemented its sixth exchange rate increase of 2024, setting the new rate for cargo clearance at N1,605 per US dollar. This adjustment, which took effect on February 21, comes in the wake of the ongoing foreign exchange crisis. The Nigeria Customs Service portal reflects the updated exchange rate.

This change follows closely on the heels of previous adjustments. Just days before, the rate stood at N1,515 per US dollar before being reduced to N1,472. Prior to that, the CBN had set the exchange rate for calculating import duties at N951.941 before raising it to N1,356.883. Subsequent increases occurred on February 3 (N1,413.62), February 10 (N1,417.635), February 12 (N1,444.56), and February 14 (N1,481.482).

The continuous decline of the naira against the US dollar in the foreign exchange market underlies the rationale behind these adjustments. Despite this, data from FMDQ revealed a slight naira appreciation to N1,551.24 per US dollar on Tuesday, up from N1,574.62 on Monday.