JUST IN: CBN increase exchange rate for cargo clearance to N1,605/$

The Federal Government through the Central Bank of Nigeria (CBN) has adjusted the exchange rate for cargo clearance to N1,605 per dollar.

This follows a recent increase from N1,515/$ to N1,605/$, following an earlier adjustment from N1,472/$, which itself was preceded by a rise from N1,356/$. Notably, the rate has experienced several fluctuations since January, starting from N952/$ in December and progressing to N1,413/$ and then N1,444/$.

Upon inspection of the Nigeria Customs Service portal on Wednesday, our correspondent noted that the updated rate was reflected on the platform.