As Naira Depreciates, CBN Jerks Up Customs Exchange Rate By 12.2%

As the Naira depreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the nation’s official foreign exchange market, the Central Bank of Nigeria (CBN) has increased exchange rate for calculating tariff and import duties collection at the nation’s seaports and airports.

The exchange rate was increased from N1,164.84/$1 on Sunday to N1327.35/$1 on Monday, representing 12.2% or N162.51 increment.

LEADERSHIP gathered that NAFEM closed at N1,419.11 on Monday as against N1,339.23 on Friday, April, 26, 2024.

However, it was gathered that a Federal High Court in Abuja has approved an interim order sought by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

Though the verdict was issued on April 24, its certified true copy was granted on Monday.

The other offences under investigation by the EFCC involved alleged money laundering and terrorism financing.

Justice Nwite said, “It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing to the extent that the investigation will be for a period of 90 (Ninety) days.”