This change represents a significant departure from the current practice, where Customs duties are adjusted erratically, sometimes twice daily.
Checks show that so far, in 2024, the Central Bank of Nigeria has changed the customs duty exchange rate by more than 40 times.
Taiwo Oyedele, the head of the committee, recommended while speaking on the activities of the tax panel in Lagos.
According to him, the frequent changes in the import duty rate adopted by the Nigeria Customs Service (NCS) due to the volatility of the foreign exchange (FX) market do not allow for adequate business planning.
His words:
Reacting to the suggestion, Joe Madu, a licensed customs agent, told TimesNow.com.ng that the recommendation is the best option.
He said:
This is not the first time recommendations have been put forward for a fixed customs duty exchange rate.
TimesNow.com.ng had earlier reported that Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said that Customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.
Meanwhile, checks on the federal government trade portal on Sunday, June 2, 2024, showed that the current Customs duty rate for importers is N1,482.982
Earlier, TimesNow.com.ng reported that the CBN also adjusted the NCS foreign exchange rate to clear imported goods at Nigerian ports.
Peter Obi reacted to the latest changes and expressed concerns that they could kill many businesses.
He further advised the government on actions to help the naira recover against the US dollar.
Source: TimesNow.com.ng
