Reps ask finance ministry, CBN to consult before reviewing Customs exchange rates

The House of Representatives on Thursday urged the Federal Ministry of Finance and the Central Bank of Nigeria (CBN) to provide notice to Nigerians before altering the Customs exchange rates.

This followed the adoption of a motion tabled by a lawmaker from Kogi State, Leke Abejide, during plenary in Abuja.

The CBN on Wednesday morning reviewed upward the import duty rate at the nation’s seaports from N1, 444.56/$ to N1, 481.48/$1.

The rate increase was the fifth by the apex bank this year.

Abejide had in the motion: “Need to Rescue the Nigerian Economy from Imminent Collapse and Restore Investors’ Confidence in the System, said that conventional fiscal policies required a minimum of 90 days to manifest in contrast with the current trend in Nigeria where immediate enforcement was prevalent.

READ ALSO: Again, CBN raises Customs import duty rate to N1, 481/$1

He stressed the need for collaboration on monetary policies among stakeholders.

The House in its resolution also urged the CBN to maintain the system exchange rate for Customs duty below N1, 000/$1 to encourage patronage in Nigerian ports.

The parliament equally charged the Ministry of Finance to allow a 90-day grace period for fiscal policy changes to facilitate the completion of ongoing transactions under existing policies.

It mandated the Committees of Customs and Excise, Finance, and Banking Regulations to interface with the Minister of Finance, CBN Governor, and Comptroller General of the Nigeria Customs on the matter.

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