CBN change in customs duty exchange rate will exacerbate challenges faced by investors — LCCI

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The Lagos Chamber of Commerce and Industry, LCCI, has said that the Central Bank of Nigeria (CBN) change in Customs duty exchange will exacerbate the challenges faced by investors and the citizens in the economy.

The President of LCCI, Mr Babatunde Ruwase noted that three weeks ago, the exchange rate for the computation of import duty was reviewed from N306/ dollar to N326/dollar.

“This was purportedly done at the instance of the CBN. The worry here is that this action by the CBN will exacerbate the challenges faced by investors and the citizens in the economy. What the CBN has done is to impose another form of tax on investors and citizens.

According to him, coming at a time when the government has repeatedly stressed its commitment to the investment growth and economic diversification, this policy action is a negation of what the present administration professes as far as economic management is concerned. Investors are currently grappling with a difficult operating environment manifesting in the high infrastructure deficit, weak purchasing power, increasing poverty incidence, high unemployment and fragile economic growth.

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