The Centre for the Promotion of Private Enterprise (CPPE) has bemoaned the recent decision by the Central Bank to increase the customs exchange rate from N783 to N952/$1 saying it would worsen the already prohibitive production and operating costs for businesses in the country.
Dr Muda Yusuf, Chief Executive Officer of CPPE made this known in a press statement issued on Sunday but sighted on Monday, noting that it would also inflict more pain on the citizens, erode profit margins, reduce purchasing power, and put the survival of businesses at an elevated risk.
Yusuf noted that the frequent changes in rates are also creating serious issues of uncertainty for investors and making the international trade process increasingly unpredictable.
