The Lagos Chamber of Commerce & Industry has reiterated the need for a fixed import duty exchange rate that is lower than the market rate to support business planning in the productive sector. The Director-General of LCCI emphasized the importance of maintaining a stable rate for at least six months to enable importers to price their goods competitively based on their shipment costs. This stability would also provide predictability for planning purposes.
The recent appreciation of the naira in the foreign exchange market has led LCCI to renew its call for a fixed import duty exchange rate below the official rate. The organization believes that the recent gains in the naira’s value against the dollar are a result of reforms implemented by the Central Bank of Nigeria to enhance governance and transparency in the forex market.
To sustain this positive momentum, LCCI emphasized the need for the government to increase liquidity in the forex market by boosting crude oil production, supplying more crude to local refineries, reducing fuel importation, and implementing targeted fiscal measures. These actions, combined with ongoing reforms, are essential for strengthening the economy and supporting the naira.
Despite a slight depreciation of the naira on the Nigerian Autonomous Foreign Exchange Market, recent data from the Central Bank of Nigeria’s website indicated an overall appreciation of the naira against the US dollar in the past week due to the introduction of a new foreign exchange platform. This positive trend underscores the importance of maintaining stability and implementing measures to support the naira’s value in the forex market.