Amid hardship, again, FG increases cargo clearance exchange rate

The Central Bank of Nigeria, acting on behalf of the Federal Government, has once again adjusted the exchange rate for cargo clearance to N1,605/$.

This latest change follows recent fluctuations, with the rate initially rising to N1515/$, then dropping to N1,472/$, and subsequently increasing to the current rate.

The exchange rate for cargo clearance has undergone multiple adjustments since January, starting from N952/$ in December and gradually increasing to N1,605/$.

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

As of now, the revised exchange rate of N1,605/$ is reflected on the Nigeria Customs Service portal, impacting the cost implications for cargo clearance in the country.