The Central Bank of Nigeria has recently made a significant adjustment to its exchange rate for cargo clearance, lowering it by N18.87 to N1593.41 per US dollar. This decision comes as the Naira continues to strengthen in the foreign exchange market, with the currency trading at N1,602.75 per USD last week, as reported by FMDQ data.

This move follows the CBN’s previous decision to raise the exchange rate for cargo clearance to N1,612.28 per USD. In response to these changes, the Centre for the Promotion of Private Enterprise, through its Director Muda Yusuf, has called on the central bank to set the customs exchange rate at N1,000 per USD in order to stabilize the market and prevent frequent fluctuations.

This development is crucial for businesses involved in international trade, as it directly impacts the cost of importing goods and services. By adjusting the exchange rate, the CBN aims to support economic growth and ensure stability in the foreign exchange market.

As the Naira continues to appreciate against the US dollar, stakeholders are closely monitoring the situation to assess the impact on the economy. The decision to lower the exchange rate for cargo clearance reflects the CBN’s commitment to maintaining a competitive and sustainable foreign exchange system.

Overall, this adjustment is expected to have a positive effect on businesses and consumers, providing them with more certainty and predictability in their foreign exchange transactions. The Centre for the Promotion of Private Enterprise’s recommendation highlights the importance of a stable exchange rate for the Nigerian economy’s overall health and growth.