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.
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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.