Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to urgently address the prohibitive and unpredictable exchange rate used for cargo clearance, which, it argued, exacerbates the cost-of-living crisis and undermines economic stability.
Centre for the Promotion of Private Enterprise has called on the Federal Government to urgently address the prohibitive and unpredictable exchange rate used for cargo clearance, which, it argued, exacerbates the cost-of-living crisis and undermines economic stability.
Yusuf said the Customs duty exchange rate on its portal, which stood at N1,578 to the United States dollar, had been fluctuating almost weekly, was seen as a significant contributor to the economic uncertainty plaguing the investment environment . He argued that the determination of the Customs duty exchange rate by the Central Bank of Nigeria was an intrusion into trade policy space, which needed to be urgently corrected, while calling for the responsibility of setting the exchange rate for import duties to be transferred to the Federal Ministry of Finance and the Federal Ministry of Trade and Investment.
It added that the presence of key risks, especially challenges with getting foreign exchange out of the country, made immediate investments appealing only to a specific group of people. Centre for the Promotion of Private Enterprise has called on the Federal Government to urgently address the prohibitive and unpredictable exchange rate used for cargo clearance, which, it argued, exacerbates the cost-of-living crisis and undermines economic stability.
Customs Duty Exchange Rate Muda Yusuf PEVCA
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