The Presidential Committee on Fiscal Policy and Tax Reforms says it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty.
Taiwo Oyedele, chairman of the committee, spoke on Thursday while engaging journalists on the activities of the tax panel in Lagos.
While presenting some recommendations of the committee, the tax expert expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange (FX) market.
The import duty rate has witnessed incessant adjustments by The Nigerian Customs Service. On May 27, the customs adjusted the FX rate for tariffs and duties to N1,480 per dollar.
Customs typically adopt FX rates recommended by the Central Bank of Nigeria for import duties based on trading activities in the official FX market.