The Centre for the Promotion of Private Enterprise (CPPE) says frequent changes in customs duty FX rate detrimental to the economy.
The Centre for the Promotion of Private Enterprise says frequent changes in customs duty FX rate detrimental to the economy.the foreign exchange rate for import duties to N1,373.64 per dollar.
In a statement on May 1, Muda Yusuf, CPPE chief executive officer , said these frequent changes are detrimental to production, planning and other real sector activities in the Nigerian economy.According to Yusuf, these changes have led to high volatility in cargo clearing costs, worsening inflationary pressures and aggravating investment risk, especially in the real sector of the economy.
“In April, the frequency of changes would be close to ten times or even more. As at 1st May 2024, the rate has jumped to N1373.65/$. It was less than N1200/$ few days before.“It is extremely difficult for investors to plan under these unstable circumstances. The situation has introduced an unprecedented level of uncertainty and unpredictability to the international trade dynamics.
“It is double whammy for investors to grapple with volatility in the foreign exchange market and contend, concurrently, with high level of unpredictability in the international trade ecosystem. This is not consistent with our growth aspirations at this time.”
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