The Centre for Promotion of Public Enterprise, (CPPE) has called on the Central Bank of Nigeria (CBN) to adopt a specific quarterly exchange rate for import duty collection by the Nigeria Customs Service (NCS).
He said this will address the problems associated with frequent changes in customs exchange rate and general volatility of the foreign exchange market.
Chief Executive Officer, Dr. Muda Yusuf, in a statement, said the irregular changes in the customs duties exchange rate were inimical to production and planning, worsening the inflation rate and increasing investment risks.
“Such framework should adopt a quarterly customs duty exchange rate, after due consultation with the fiscal authorities. We propose a commencement rate of N1000/$ customs duty exchange rate. Consultation with the fiscal authorities is imperative because of the trade policy implications of such decisions,” he added.
