Tax Reform Panel Recommends N800/$ Rate For Customs Duties

The Presidential Committee on Fiscal Policy and Tax Reforms has recommended that the Nigerian Federal Government set the exchange rate for customs import duty at N800 per dollar.
This suggestion was made by Taiwo Oyedele, the committee’s chairman, during a briefing with journalists in Lagos, and the recommendation aims to address the ongoing fluctuations in exchange rates impacting import calculations amid Nigeria’s foreign exchange crisis.
Previously, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, had urged the government to stabilize the customs import duty rate at N1,000 per dollar to mitigate the effects of forex volatility.
Recently, the exchange rate for import duty calculations had decreased significantly, from N1,382.392 per dollar to N1,327.54 per dollar. This rate is determined by the Central Bank of Nigeria, reflecting the official exchange rate in the foreign exchange market.