FG committee recommends N800/$1 exchange rate for Customs duties

The Presidential Committee on Fiscal Policy and Tax Reforms has recommended that the Federal Government adopt an exchange rate of N800 per one US dollar for computing Customs import duty.

This proposal was announced by the committee’s chairman, Taiwo Oyedele, during a press briefing in Lagos on Thursday.

Oyedele emphasized on the challenges businesses face due to the volatility of the foreign exchange (FX) market, which causes frequent changes in the import duty rate.

He harped on the need for stability to allow businesses to plan adequately.

“When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan.

“We are saying that the government can sign an order that says N800 per dollar should be used for paying Customs duties for the rest of the year till December. So, we have proposed N800,” Oyedele said.