The Centre for the Promotion of Private Enterprise (CPPE) on Sunday appealed to the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1,000 per dollar for the rest of the year in line with the federal government’s commitment to ease economic hardship on the citizens.
In a statement signed by Muda Yusuf, director of CPPE, the think tank said the current customs duty exchange rate of N1488.9/$ is too high in the context of the current inflation and difficulties facing businesses and citizens.
The CPPE said it welcomes the decision of the CBN to approve the use of the exchange rate reflected on the import documentation (Form M) at the onset of import transactions.
