The House of Representatives has proposed a resolution to limit the exchange rate for customs duty and excise duty purposes to address the impact of recent adjustments in customs duty rates.
The Central Bank of Nigeria (CBN) increased the customs duty rate by 2.6 per cent, leading to concerns about its impact on inflation and economic stability.
The resolution suggests that the CBN should maintain the system exchange rate for customs duty and excise duty purposes below N1,000/$1, preferably N951.941/$1.
The House believes that this measure will encourage patronage in Nigerian ports, prevent galloping inflation, and boost economic stability.
The move is seen as an attempt to address economic challenges and instil confidence in investors.
”It reflects ongoing discussions and actions to manage economic policies and navigate the impact of global and domestic factors on Nigeria’s economy,” the lower house said in a statement.
