• About Us
  • Contact Us
  • Privacy & Policy
Monday, October 13, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Tariff Turmoil: CPPE Urges FG to Rethink Exchange-Rate Policy

Vincent Amadi by Vincent Amadi
August 19, 2024
in Economy
Reading Time: 3 mins read
A A
0
Tariff Turmoil: CPPE Urges FG to Rethink Exchange-Rate Policy
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The Centre for Promotion of Private Enterprise (CPPE) has called on the Federal Government to rethink its policy on tariff exchange rates.
The Director and CEO of CPPE, Muda Yusuf, made the request in a statement on Sunday. He explained that high import tariffs and volatile exchange rates have fuelled already high levels of inflation, increasing production and operating costs for manufacturers and other businesses, exacerbating the cost of living crisis, threatening jobs and investments in the maritime sector, and reducing investor confidence.
He said CPPE is concerned that the issue of exorbitant and unpredictable exchange rates for cargo clearance has yet to be addressed by the government.
“We believe it is a major policy adjustment that needs to happen to complement current measures to address the current cost-of-living crises in the country.


“There is also the added heightened risk of cargo diversion to neighboring countries and smuggling which could jeopardize the realization of customs revenue target. This situation additionally creates serious competitiveness challenges for ethical and compliant investors in the economy because of their relatively elevated production and operating costs.
CPPE therefore appealed to the Presidency to set the customs exchange rate at an initial rate of 1,000 naira per dollar for the next six months through a presidential decree, saying this is in line with the commitment of the current Federal Government to address the current challenges posed to the people and businesses.
“It gratifying that the Presidential Committee on Fiscal Policy and Tax Reforms had made similar recommendation. The Organized private Sector (OPS) had also strongly advocated in the same vein. The current customs duty exchange rate on the Nigeria Customs Service portal is N1578/$. This rate has been changing almost weekly, which is not good for the investment environment.


“It is not a request for a concessionary exchange rate for forex allocation. We are dealing with two separate issues here. One is about foreign exchange policy, the other is purely a trade policy matter.
He said contrary to concerns expressed by some, the introduction of a lower exchange rate for customs calculation would not undermine the current exchange rate reforms.
“These are the institutions statutorily responsible for trade policy issues. The determination of the customs duty exchange rate by the CBN is an intrusion into trade policy space which needs to be urgently corrected.
He noted that the responsibility of the Central Bank of Nigeria (CBN) should end with opening up Form M to importers under the current foreign exchange policy, while all other matters relating to international trade come under the purview of the Federal Ministry of Finance. The Federal Ministry of Finance, which is in charge of trade and investment, should be abolished.
“These are the institutions statutorily responsible for trade policy issues. The determination of the customs duty exchange rate by the CBN is an intrusion into trade policy space which needs to be urgently corrected.
However, to permanently resolve this issue, he explained, it may be necessary to amend the Customs Act and transfer the responsibility for setting the exchange rate applicable to the payment of import duties to the tax authorities.
“This is necessary to bring such rates in alignment with the extant trade policy direction of government and remove the current avoidable uncertainty around international trade.
“This is what our peculiar circumstances demands. It is important to localize and adapt economic policy models to our peculiar circumstances,” he added.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

3 days ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

1 week ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

2 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

FG warns ASUU against disrupting academic calendar with strike
National

FG warns ASUU against disrupting academic calendar with strike

13 hours ago
No plans of replacing Edun – Presidency clarifies
National

No plans of replacing Edun – Presidency clarifies

13 hours ago
Rivers PDP warns Fubara against defecting to APC
National

Fubara retains eight commissioners in addition to fresh nominees

13 hours ago
Tinubu under fire for granting clemency to 70 drug dealers and others
National

Tinubu under fire for granting clemency to 70 drug dealers and others

13 hours ago
Atiku Joins Call For VDM’s Release, Calls Arrest Disgraceful
National

Young people are losing hope in Nigeria – Atiku

13 hours ago
Amupitan will need courage to restore INEC’s credibility — Presidency
National

Amupitan will need courage to restore INEC’s credibility — Presidency

3 days ago

POLITICS

Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah

Mbah’s APC defection move rips Enugu PDP apart

3 days ago
PDP Governors Hold Crucial Caucus Ahead NEC Meeting

PDP to Senate: Don’t hurry Amupitan confirmation, Nigerians deserve credible INEC chair

3 days ago
2027: Defections can’t stop us – PDP declares

2027: Defections can’t stop us – PDP declares

4 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

2027: ADC’s hope of victory just hallucination – APC

5 days ago
Akpabio, Moro in heated argument over senators’ defections

Akpabio, Moro in heated argument over senators’ defections

5 days ago
Court Orders INEC to Prosecute 2023 Election Offenders

Fix INEC before 2027 elections – Political leaders urge Tinubu

7 days ago

YOUR ECONOMY

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

3 days ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

1 week ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

2 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

2 weeks ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

3 weeks ago
IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

4 weeks ago

E & P

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd
Sports

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

by Steven Atogi
6 days ago
0

Manchester United legend, Paul Scholes has predicted the Premier League match between the Red Devils and Liverpool. Liverpool will host...

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

2 weeks ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

2 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

3 weeks ago
Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

4 weeks ago
Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

1 month ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
1 week ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
2 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
1 month ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
1 month ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

FG warns ASUU against disrupting academic calendar with strike

FG warns ASUU against disrupting academic calendar with strike

October 13, 2025
No plans of replacing Edun – Presidency clarifies

No plans of replacing Edun – Presidency clarifies

October 13, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address