• Contact Us
  • About Us
Monday, June 23, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

FG Raises Exchange Rate For Cargo Clearance To N951/$ Amid Worsening Forex Crisis

metro by metro
December 7, 2023
in Economy
0
Path To Sustainable Banking System Stability-Analysts
0
SHARES
0
VIEWS

 

 

Read Also

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

Trump Says May Change Mind About Firing Fed Chair, Powell

 

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.

This is coming barely three weeks after the rate was increased from N757/$ to N783/$.

Barely last month, the exchange clearance was raised to N783 per dollar from N757 per dollar, representing a 3.4 per cent increase.

MetroBusinessNews (MBN) observed on Thursday that the new rate has reflected on the portal of the Nigeria Customs Service.

The development comes amid the continued forex crisis since the apex bank floated the Naira in June.

Meanwhile, Naira depreciated against the US dollar to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.
This represents a 7.91 per cent or 144.49 loss in the local currency market compared to the N806.73/$1 it closed on Tuesday.

ALSO READ:Anger Over Police Claim Of Stealing Kogi Gov Petition Tribunal Documents By Secretary Of Tribuma

The depreciation represents the first time the country’s currency dropped against the US Dollar this week.

The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million.

Similarly, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

CBN governor Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria, CIBN, 50th-anniversary recently expressed optimism over the stability of Naira.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

 

Previous Post

Leadership Deficit And Political Crises Rocking ECOWAS Region

Next Post

Dangote Cement Restores Electricity To Ogun Host Communities

Related Posts

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks
Economy

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks

June 23, 2025
Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites
Economy

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

June 22, 2025
Trump Accuses Fed, Powell Of Creating Inflation On Heels Of Rate Decision
Economy

Trump Says May Change Mind About Firing Fed Chair, Powell

June 21, 2025
CBN
Economy

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

June 18, 2025
Next Post
Dangote

Dangote Cement Restores Electricity To Ogun Host Communities

Anger As Fuel Consumption Drops From 64.9m To N52m Daily After Subsidy Removal

NNPCL Opens More CNG Stations In Abuja, Ibadan, Abeokuta

June 23, 2025
Obasanjo, Other Eminent Nigerians Honour Pastor Sylvester Ebhodaghe At 50

Obasanjo, Other Eminent Nigerians Honour Pastor Sylvester Ebhodaghe At 50

June 23, 2025
Oil Prices Up After OPEC+ Maintains output Cuts, But Shaky Demand Caps Gains

Marketers Jack Up Depot PMS Prices As Middle East Tension Escalates

June 23, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version