Inflation to worsen as FG raises exchange rate for cargo clearance to N1,356/$

Nigeria’s federal government, in a move that is destined to worsen inflation in the country, has, through the Central Bank of Nigeria, raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

The latest increase is coming weeks after the rate was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

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