The exchange rate for cargo clearance in Nigeria has hit N1,605 per US dollar, according to the latest adjustment by the Central Bank of Nigeria (CBN).
The new rate represents a major increase from last week’s rate of N1,515/$, continuing the frequent fluctuations importers have faced over the past few months.
In December alone, there were two adjustments. The rate first jumped from N952/$ to N1,356/$ before rising again to N1,413/$ and settling at N1,444/$.
But now the CBN has raised the rate once more to N1,605/$, marking the second hike in January. Just days ago, the tariff had briefly dropped to N1,472/$ before rebounding to the new record high.
The upward trajectory has been a cause of uncertainty and concern among importers, who have found it difficult to plan amidst the volatility. Some worry about the impact on costs and operations.
