The the Central Bank of Nigeria (CBN) has again jerked up the Nigeria Customs Service (NCS) exchange rate to N1,605.82 per dollar.
Already, the new rate of N1,605.82 has reflected on the Customs portal today, February 21st, 2024.
The new rate and reflection on the portal further dampened hopes of despondent Customs brokers and their importers that the apex bank is willing to stop raising the rates.
Last Friday February 16, 2024, the CBN reduced the rate to N1,472.756 per dollar, 24 hours after it raised it to N1,515.48.
The reduction was in response to the appeal made by members of the House of Representatives who frowned at the frivolous manner in which the apex bank has been jerking up the Customs duty exchange rate.
The recent increase, which the stakeholders said will not be the last, has set tongues wagging about whether the CBN is sensitive to the pains, hunger and general sufferings in the country.
Customs brokers have lamented that the incessant increases have impacted negatively on their businesses as well as trade volume, as importers have abandoned their goods at the ports while others have diverted their cargoes to the ports of neighboring countries.
The CBN has increased the customs duty exchange rate more than five times in one month this year.
