BREAKING: Nigerian government increases exchange rate for cargo clearance to N951 per dollar amid forex crisis

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.

Recall that in November, the government reviewed its exchange rate for cargo clearance to N783 per dollar from N757 per dollar, representing a 3.4 per cent increase.

The development comes amid the continued forex crisis since the apex bank floated the Naira in June.

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Subsequently, the updated rate has been observed on the Nigeria Customs Service portal.

Meanwhile, Naira depreciated against the US dollar to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.

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This represents a 7.91 per cent or 144.49 loss in the local currency market compared to the N806.73/$1 it closed on Tuesday.

The depreciation represents the first time the country’s currency dropped against the US Dollar this week.

The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million.

Similarly, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria, CIBN, 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.

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“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

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