Oddbean

No more N1,500/$: FG propose new dollar rate for importers to clear goods ========== The Presidential Committee on Fiscal Policy and Tax Reforms has proposed setting the exchange rate at N800 per dollar for Customs import duties for the remainder of 2024. The current practice of adjusting Customs duties erratically, sometimes twice a day, will be changed. The Nigerian customs dollar exchange rate to clear goods has been changed over 40 times in 2024 alone. The head of the committee, Taiwo Oyedele, stated that the frequent changes in the import duty rate due to the volatility of the foreign exchange market do not allow for adequate planning by businesses. The recommendation is to use N800 for the rest of the year, until December. A licensed customs agent, Joe Madu, supports the recommendation, stating that fixing the rate will help businesses plan and revive the economy. This is not the first time that recommendations have been put forward for a fixed customs duty exchange rate. The current Customs duty rate for importers is N1,482.982. The Central Bank of Nigeria has also adjusted the NCS foreign exchange rate to clear imported goods at Nigerian ports. Peter Obi expressed concerns that the latest changes could kill many businesses and advised the government on actions to help the naira recover against the US dollar. #Importers #Customs #ExchangeRate #Business #Economy #Nigeria https://www.legit.ng/business-economy/money/1595397-presidential-committee-suggests-customs-exchange-rate/