The Centre for the Promotion of Private Enterprise has reiterated the call for the Nigerian government to peg the custom duty exchange rate at N1,000 per dollar for at least six months. CPPE director, Muda Yusuf disclosed this in a statement on Sunday.
The economic think tank group said the government needs to tackle the unpredictable nature of the country’s exchange for cargo clearance to complement fiscal measures to mitigate the cost-of-living crisis in Nigeria.
said the country’s high and volatile exchange rate for import duty assessment is fueling inflation, cost production and operation costs for manufacturers and businesses. '...In light of this, the is reiterating its appeal to the presidency to peg the customs duty exchange rate at N1000/$ for the next six months in the first instance through an Executive Order. 'This resonates with the current federal government’s commitment to alleviating the current hardships on the citizens and the burden on businesses. It is gratifying that the Presidential Committee on Fiscal Policy and Tax Reforms made a similar recommendation.
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