Hope for Car Dealers as Reps Ask CBN to Reduce Exchange Rate for Customs Duty

The Central Bank of Nigeria (CBN) recently announced an increase in customs duty rate by 2.6 per cent, from N1,444.56/dollar to N1,481.482/dollar. In response, the House of Representatives proposed a solution to prevent arbitrary exchange rate adjustments for customs and excise duties.

The House believes that this will encourage patronage in Nigerian ports, prevent inflation, and boost economic stability.

The House resolved that the Central Bank of Nigeria should maintain the system exchange rate for customs duty and excise duty purposes below N1,000/$1, preferably N951.941/$1.

The House believed that this would encourage patronage in Nigerian ports, prevent galloping inflation, and boost economic stability.

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While adopting a motion by Leke Abejide, a member representing Yagba Federal Constituency in Kogi State, the House believed that there was a need to rescue the Nigerian economy from imminent collapse and restore investors’ confidence in the system.