In response to the recent increase in customs duty rates by the Central Bank of Nigeria (CBN), the House of Representatives has proposed a solution to address indiscriminate exchange rate adjustments for customs and excise duties.
Recall that the CBN recently raised the customs duty rate by 2.6 percent, from N1,444.56 per dollar to N1,481.482 per dollar. In light of this, the House has called for the maintenance of a fixed exchange rate for customs and excise duties, suggesting a rate below N1,000 per dollar, preferably at N951.941 per dollar.
The House believes that such a fixed exchange rate will promote patronage in Nigerian ports and serve as a measure to curb galloping inflation and enhance economic stability.
The resolution was reached following a motion presented by Leke Abejide, a Yagba Federal Constituency member in Kogi State. Abejide emphasized the urgency of rescuing the Nigerian economy from potential collapse and reinstating investors’ confidence in the system.