Naira depreciation: CBN raises Custom exchange rate by N162

The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment.

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.