The Centre for the Promotion of Private Enterprise, CPPE, has asked the Nigerian federal government to fix customs duty exchange at N1000 per dollar amid fluctuations of the naira against the dollar at the exchange market.
Dr Muda Yusuf, the Director of CPPE , disclosed this in a statement on Wednesday due to frequent customs exchange adjustments by the Central Bank of Nigeria.
recalls that on Tuesday, the Central Bank of Nigeria had raised the customs exchange rate by N162. According to CPPE, the latest customs rate change made it 38 times since this year's commencement. The economic think-tank group said the fluctuations in the customs exchange rate have led to high volatility in cargo clearing costs, worsening inflationary pressures and aggravating investment risk, especially in the real sector of the economy.
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