CBN Raises Foreign Exchange Rate to N1457 Against Dollar
The Central Bank of Nigeria has adjusted the foreign exchange rate for calculating tariffs and import duties to N1457 against the dollar, citing the depreciation of the Naira in the FX market.
This marks a significant increase from the previous rate of N1327.35 per dollar.
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The latest adjustment is the highest since March 22, 2024, when it stood at N1572.5 per dollar.
The Naira has continued to depreciate in recent weeks, dropping to N1466.31 per dollar from 1,072 per dollar in mid-April.
In response to the currency fluctuations, the Centre for the Promotion of Private Enterprise has urged the CBN to fix the customs exchange rate at N1000 per dollar.
