CBN slashes exchange rate for cargo clearance amid Naira appreciation against USD

The Central Bank of Nigeria has reviewed its exchange rate for cargo clearance downwards by N18.87 to N1593.41 per US dollar amid the continued appreciation of the Naira in the foreign exchange market.

Recall that the Naira sustained its appreciation against the USD at the forex market last week, trading for N1,602.75 per USD according to FMDQ data.

The CBN had earlier increased the exchange rate for cargo clearance to N1,612.28 per USD.

Meanwhile, in a statement by its Director, Muda Yusuf, the Centre for the Promotion of Private Enterprise has urged the apex bank to peg the customs exchange rate at N1,000 per USD to halt recurring rate changes.