BREAKING: FG Increases Exchange Rate For Cargo Clearance Amid Forex Crisis, See New Rate

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

Recall that in November, the government reviewed its exchange rate for cargo clearance to N783 per dollar from N757 per dollar, representing a 3.4 per cent increase.

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

Subsequently, the updated rate has been observed on the Nigeria Customs Service portal.

VerseNews reports that Naira depreciated against the US dollar to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.