Again, CBN raises Customs exchange rate to N1,605.82 per dollar

The Central Bank of Nigeria (CBN) on Wednesday, February 21, increased the Customs exchange rate to N1605.82 per dollar.

This comes barely five days after it marginally reduced the rate from N1515.48 to N1472.756 last Friday, February 16.

Last week reduction was in response to the appeal made by the members of the House of Representatives who frowned at the frivolous manner in which the apex bank has been jerking up the customs duty exchange rate.

It would be recalled that the CBN has increased the customs duty exchange rate more than five times in one month this year.