The Central Bank of Nigeria (CBN) has once again adjusted the exchange rate for Nigerian Customs import duty clearance, setting it at N1,605.82 per dollar as gathered on the 22nd of February 2024. This marks the 12th alteration in rates since June 2023, with the latest being the highest yet, surpassing N1,600. Despite calls from lawmakers to keep the rate below N1,000, the recent adjustment represents a significant increase of N133 or 9% within 24 hours, compared to the previous rate of N1,472.756.
Following the Announcement, Former Anambra state governor and presidential candidate of the Labour Party in the 2023 elections, Peter Obi, has expressed concerns about the frequent changes in exchange rates for Customs duties. He warned that these inconsistencies are adversely impacting businesses and could lead to their demise. Obi emphasized the detrimental effects on the economy, particularly on local businesses, employment, and the cost of living, urging the federal government to address the issue urgently.
Obi highlighted the challenges faced by importers due to sudden fluctuations in exchange rates, which result in business losses and fuel inflation. He stressed the need for policy consistency and economic planning to support businesses, especially in the manufacturing sector, as they are critical for economic growth. Furthermore, he cautioned against prioritizing high customs revenues over the survival of local businesses and the overall economy.
Meanwhile, Ben Akabueze, the director-general of the federation’s budget office, has expressed optimism about the Naira strengthening in the foreign exchange market in 2024. He attributed this possibility to expected increases in dollar supply and the reforms initiated in 2023. The government remains positive about the exchange rate outlook, aiming to support economic growth through stable currency dynamics.
Customs exchange rate changes since 2024
- June 24, 2023: N422.30/$
- July 6, 2023: N589/$
- November 14, 2023: N770.88/$
- December, 2023: N783.174/$
- February 2, 2024: N951.941/$
- February 3, 2024: N1,356.883/$
- February 10, 2024: N1,413.62/$
- February 11, 2024: N1,444.56/$
- February 14, 2024: N1,481.482/$
- February 15, 2024: N1,515.092/$
- February 16, 2024: N1,472.756/$
- February 21, 2024: N1,605.82/$
