The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, has said that it would be extremely difficult for investors to plan under the fluctuating exchange rate for cargo clearance.
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Yusuf, in a statement on Wednesday, said the situation had introduced an unprecedented level of uncertainty and unpredictability to the international trade dynamics.
“It is extremely difficult for investors to plan under these unstable circumstances. The situation has introduced an unprecedented level of uncertainty and unpredictability in international trade dynamics
“Investment risk has become elevated, planning has become difficult, and risk management has become challenging and investors’ confidence is being weakened,” he said.
He added that it was a double whammy for investors to grapple with volatility in the foreign exchange market and contend concurrently with a high level of unpredictability in the international trade ecosystem.
“This is not consistent with our growth aspirations at this time,” Yusuf noted.
The CPPE boss stated that the frequent changes in the customs duty exchange rate had become a huge burden on the business community.
According to Yusuf, it has led to high volatility in cargo clearing costs, worsening inflationary pressures, and aggravating investment risk, especially in the real sector of the economy.
“These frequent changes are profoundly detrimental to production, planning, and other real sector activities in the Nigerian economy
In the first quarter of this year, there were changes in the customs duty exchange rate 28 times.
“In April, the frequency of changes would be close to ten times or even more. As of May 1, 2024, the rate has jumped to N1373.65/$. It was less than N1200/$ a few days before,” he stated.
The CPPE boss appealed to the Central Bank of Nigeria to adopt a framework to minimise volatility in the exchange rate for cargo clearance in line with the commitment of the current administration to bolster investors’ confidence and drive economic growth.
“Such framework should adopt a quarterly customs duty exchange rate, after due consultation with the fiscal authorities. We propose a commencement rate of N1000/$ customs duty exchange rate,” he stated.
He said that consultation with the fiscal authorities was imperative, because of the trade policy implications of such decisions.
Yusuf remarked, “It is also consistent with the commitment of the present administration to effective coordination between fiscal and monetary authorities.”
Recall that the exchange rate for cargo clearance had been fluctuating since the beginning of this year, increasing the cost of living in the country.
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