The Federal Government has, through the Central Bank of Nigeria, reviewed upward the official exchange rate of the Naira for cargo clearance from N783/$ to N952/$.
The latest policy came barely three weeks after the rate was adjusted from N757/$1 to N783/$1, representing a 3.4 per cent increase.
Our correspondent noted that on Thursday, the new rate had reflected on the portal of the Nigeria Customs Service (NCS).
The upward review of FX rate for cargo clearance may not be unconnected to the continued FX crisis after the apex bank floated the Naira in June as the local currency further depreciated against the US dollar to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.
This represents a 7.91% or 144.49 basic points loss in the local currency market compared to the N806.73/$1 it closed on Tuesday and indicated the first time the country’s currency dropped against the US Dollar this week.
Similarly, the local currency marginally depreciated at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.
The CBN governor, Dr. Olayemi Cardoso, in his address at the Chartered Institute of Bankers of Nigeria (CIBN), 50th-anniversary recently expressed optimism over the potential of the Naira to stabilize through regulatory measures.
He predicted: “I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws.”
Since the unifications of the Naira exchange rate in the FX markets on June 14 this year, the local currency has continued to experience fluctuations, thereby making medium or long-term planning for business owners and governments risky.
