Following the increase in customs duty rate by 2.6 per cent by the Central Bank of Nigeria (CBN) the House of Representatives has proposed what it believed should be a solution for indiscriminate exchange rate adjustment for customs and excise duties.

The House reached a resolution that the CBN should maintain the system exchange rate for customs duty and excise duty purposes below 1,000 naira to a dollar.

The House believes that this would encourage patronage in Nigerian ports, prevent galloping inflation, and boost economic stability.

While adopting a motion by a member representing Yagba Federal Constituency in Kogi State, LEKE ABEJIDE the House believed that there is a need to rescue the Nigerian economy from imminent collapse and restore investors’ confidence in the system.