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Monday, February 26, 2024

FG increases exchange rate for cargo clearance to N951 per dollar amid forex crisis

FG increases exchange rate for cargo clearance
FG increases exchange rate for cargo clearance to N951 per dollar

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

In November, the government had revised the rate to N783 per dollar from N757 per dollar, marking a 3.4% increase. The updated rate has now been implemented on the Nigeria Customs Service portal.

This change occurs against the backdrop of the ongoing forex crisis since the Naira was floated by the apex bank in June.

On Wednesday, the Naira experienced a depreciation against the US dollar, falling to N951.22/$1 from N806.73/$1 on Tuesday. This represents a 7.91% loss or a decrease of 144.49 points in the local currency market compared to the previous day.

This depreciation marks the first time this week that the country’s currency has weakened against the US Dollar.

The decline in value coincides with a 4.94% decrease in dollar supply, which fell from $142.63 million to $135.58 million.

At the parallel market, the Naira also experienced a slight depreciation, trading at N1175/$1 on Wednesday, compared to N1170/$1 the previous day.

Despite the fluctuations, the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, expressed optimism about the stability of the Naira during a recent address at the Chartered Institute of Bankers of Nigeria’s 50th-anniversary event.

Since the Naira was floated on June 14, the country’s currency has been subject to ongoing volatility in the foreign exchange market.

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