Nigerian Naira Depreciates, Import Costs Rise Amid Exchange Rate Adjustments

The Nigerian Naira has depreciated against the US Dollar, causing import costs to surge. The Central Bank of Nigeria adjusted custom duty rates upwards, impacting foreign exchange markets.

The exchange rate for import duties increased to N1,470.53 per US Dollar. This depreciation is affecting businesses and consumers, with the parallel market rate falling to N1,475.35 per dollar.

Despite efforts to stabilize the currency, pressure on the Naira persists due to global uncertainties and weak oil prices.