Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi

BY GODWIN OBI

Apparently in response to appeal by the House of Representatives which on Thursday sought reduction in the customs duty exchange rate, the Central Bank of Nigeria (CBN) has reduced the exchange rate for calculations of Customs duty rates to ₦1,472.756, causing a reduction by ₦42.244 margin.

The CBN adjusted the Custom exchange rate barely 24 hours after it had increased it to ₦1,515. 48, a move which triggered backslashes and angry reactions from Nigerians.

The House of Representatives yesterday had sent a prayer to the CBN to reduce the floating Exchange Rate back to ₦951, to enable import and export of goods have a stable process in ease of doing business.

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