THE GUARDIAN
Nigerians are in for more economic hardship induced by inflation as the Central Bank of Nigeria (CBN) has increased the Nigeria Customs Service (NCS) exchange rate for clearance of imported goods to N1,356.883 per 1$.
Information obtained by The Guardian from the Customs official website yesterday morning indicated that the exchange rate was adjusted from N951.941/$ in December 2023 to N1,356.883/$ February 2024.
This adjustment is the fourth after the Service started the implementation of the floating foreign exchange rate regime by the CBN in July 2023 and since the coming into power of the new government.
The CBN had on June 24, 2023, adjusted the exchange rate from N422.30/$1 to N589/$1 and subsequently to N770.88/$1 on July 6, 2023.
The apex bank further adjusted the rate on November 14, 2023 to N783.174/$1; on December 7, 2023, to N951.941/$1; and currently to N1,356.883/$1.
Importers and the business community have decried the implications of the new adjustment on the prices of imported goods.
This is aside from the extortion manufacturers and importers face in the evacuation of their cargoes from the ports to their warehouses and companies as well as the increasing multiple taxes from government agencies.
Recall that the Comptroller General of Customs, Bashir Adewale Adeniyi, had earlier this year told importers and the business
