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In a statement, Yusuf said the volatile exchange rate used for import duty assessment is driving up inflation, increasing production and operating costs for businesses, and eroding investor confidence.

These challenges are placing maritime sector jobs and investments at risk and could lead to a significant decline in customs revenue if cargo is diverted to neighbouring countries, he explained.

He said, “Maritime sector jobs and investments are at risk and the exchange rate is weakening investors’ confidence. There is also the added heightened risk of cargo diversion to neighbouring countries and smuggling which could jeopardise the realisation of customs revenue target.”

The CPPE boss called on the Federal Government to set the customs duty exchange rate at N1000/$ for the next six months through an executive order.

Yusuf maintained that the adoption of a lower exchange rate for customs duties should be seen as a separate trade policy matter distinct from foreign exchange policy.

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