Naira depreciation: FX exchange rate for customs surges to N1,457 against Dollar, highest in weeks

The Central Bank of Nigeria has raised the foreign exchange rate in calculating tariffs and import duties to N1457 against the dollar amid the Naira depreciation at the FX market.

This is contained in the latest figure on CBN’s portal.

Recall that weeks ago, the apex bank raised the rate to N1327.35 per dollar.

The latest increase is the highest since March 22, 2024, when the figure stood at N1572.5 per cent.

In the past weeks, the Naira depreciation has continued, with the currency dropping to N1466.31 per dollar from 1,072 per dollar in mid-April.

Meanwhile, the Centre for the Promotion of Private Enterprise had asked CBN to fix customs exchange at N1000 per dollar due to the country’s FX fluctuation.