The Centre for the Promotion of Private Enterprises (CPPE) is asking the Central Bank of Nigeria to adopt a framework that minimises volatility in the customs duty exchange rate.
Founder of the Centre, Dr Muda Yusuf, in a statement in Lagos, said this would boost investors’ confidence and drive economic growth while noting that the frequent changes in the customs duty exchange rate had become a huge burden on the business community.
According to the CPPE boss, the situation has led to high volatility in cargo clearing costs, worsening inflationary pressures, and aggravating investment risk, especially in the real sector of the economy.
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