The presidential committee on fiscal policy and tax reforms has urged the federal government to adopt a fixed exchange rate of N800 per dollar for customs import duty.
This recommendation was made on Thursday by Taiwo Oyedele, chairman of the committee, during a press engagement in Lagos.
Oyedele highlighted the difficulties faced by businesses due to the fluctuating import duty rates, which are influenced by the volatile foreign exchange (FX) market.
He emphasized the need for stability to enable better business planning and fiscal predictability.
“When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan,” Oyedele remarked.
“So now, we’re saying dear government, can you please sign an order that says for the purpose of paying import duty, we shall use N800… for the rest of the year till December. So, we have proposed N800.”
The Nigerian Customs Service (NCS) has frequently adjusted the FX rate for import duties, reflecting the recommendations of the Central Bank of Nigeria (CBN) based on official market activities.
On May 27, the customs set the rate at N1,480 per dollar, a significant increase from previous rates.
