The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the Nigerian government to peg the custom duty exchange rate at N1,000 per dollar for at least six months to tackle the unpredictable nature of the country’s exchange rate for cargo clearance.
CPPE director, Muda Yusuf, stated that the high and volatile exchange rate for import duty assessment is fueling inflation, cost production, and operation costs for manufacturers and businesses.
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He emphasized that the current customs duty exchange rate on the Nigeria Customs Service portal is N1,578 per dollar, which changes almost weekly, making it unfavorable for the investment environment.
Yusuf clarified that this proposition is without prejudice to the ongoing foreign exchange reforms of the present administration and does not undermine the current foreign exchange reforms.
He explained that the adoption of a lower exchange rate for customs duty computation would not affect forex allocation and is a separate issue from foreign exchange policy.
