For the first time since President Bola Tinubu’s administration took office, the Central Bank of Nigeria (CBN) has lowered the exchange rate from N1,515.48 to N1,472.75 to the dollar for calculating customs duty rates.
The margin of N42.244, or 2.8%, represents the reduction.
The CBN adjusted the Customs exchange rate barely 24 hours after it had increased it to N1,515.48, a move, which triggered backslashes and angry reactions from Nigerians.
Earlier on June 24, 2023, the CBN adjusted the exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, while in December, 2023, it was further adjusted to N951.941/$.
Furthermore, on February 2, 2024, it was moved to N1,356.883/$ and raised to N1,413.62/$ on February 3; on Saturday, February 10, it was changed to N1,417.635/$; on Monday, February 11, it was moved to N1,444.56/$1; on Wednesday, February 14, the CBN adjusted the exchange rate to N1481.482/$1; and on Thursday, February 15, 2023, it was moved to N1,515.092/$1.
However, the exchange rate was lowered to N1472.756/$1 for the first time, prompting clearing agents to demand a further decrease.