Customs Clearance Rate Decreases to N1,593 per Dollar
The exchange rate for cargo clearance has dropped to N1,593.41/$ from N1,612.28/$ recorded last week representing a drop of about N18.87.
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Last week, the CBN through the customs service increased the exchange rate for cargo clearance by N18.44 to the prior figure. The drop in exchange rate for cargo clearance mirrors the recent strengthening of the naira on the forex market.
The naira closed at N1,602.75 on the last trading day of last week 15th March 2024 according to data from FMDQ
The volatility that accompanied the second devaluation of the naira earlier in the year has largely subsided in the past few weeks. Recently, the chasm between the official market rate and the parallel market rate have largely come at par.
