CPPE urges CBN to peg custom duty FX rate at N1000/$1

Bisola David
Bisola David
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By Melvin Onwubuke

The Centre for the Promotion of Private Enterprise has urged the Central Bank of Nigeria to take bold steps in mitigating the challenges faced by businesses and citizens, by pegging the customs duty exchange rates at N1000/$1.

In a statement by Mr Muda Yusuf, Chief Executive Officer at CPPE , according to BusinessDay.

The CPPE Boss said despite the high concerns, over the rapidly increasing costs of cargo clearance amid import transaction, the CPPE highlights the pressing need for interventions, to alleviate the adverse effect on the economy.

He states that, he recognizes the importance of the CBN recent decision to approve the use of exchange rates reflected on the import documentation form, at the onset of import transactions.

Yusuf, however, highlights the persistent problems in the custom clearance processes, as a result of the high exchange rates for import duty assessment; which poses significant barriers to businesses, worsen inflationary pressures and threaten job security in the maritime sector.

In view of these critical issues, the CPPE makes a fervent plea to the CBN to lower exchange rates of custom duties to N1000/$1 for the rest of the year.

He noted such a move, aligned with the federal government dedication to lessen the economic hardship it deemed vital, to relieve financial burden on businesses and individuals alike; as the current exchange rate of N1488.9/$1 is considered too high.

Finally, the CPPE emphasizes the importance of prioritizing actions, that will lessen hardship and enhance economic growth. Decisive actions from regulating authority is very crucial in steering the country back to economic recovery.

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