Uncertainties As Freight Agents Groan Over CBN Hike Of FOREX

Customs brokers and freight forwarders on Thursday , groaned over the Central Bank of Nigeria (CBN) increment in exchange rate from N321 per dollar to N361 for imported cargoes.

Freight agents have been thrown into additional fiscal burden amid the ravaging effects of the coronavirus pandemic on Nigerian citizens, as the Nigeria Customs Service (NCS) effected the increase on duty payable goods imported through the ports today.

The Vice President of the Association of Nigeria Licensed Customs Agents (ANLCA) Dr. Kayode Farinto observed that agents found it difficult to make declarations since yesterday only to wake up this morning to see that exchange rate had increased.

He affirmed the leaders in the maritime industry to prevail on the federal government to revoke the increment, noting that it may discourage importers and the agents.

“How can the government behave like this at a time Customs brokers are taking the highest risk to come to the ports as essential workers in order to move the economy forward?” he remarked.

“We need to maintain status quo for now because you will all agree with me that the oil sector has fallen but the government can still manage to continue to patch the economy with proceeds from maritime sector,” he opined.

He lamented that CBN had formed the habit making such costly fiscal desicions without seeking input of stakeholders, while he lampooned the management of Nigeria Customs Service (NCS) for similar behaviour.

Noting that Customs haven’t changed its mode of operations amid the Covid-19 pandemic, he suggested that Section 28 of the Customs and Excise Management Act (CEMA) be involved to reduce human contact.

Farinto added that ANLCA won’t hesitate to advice its members to stay at home and not risk their lives if the government allows the new exchange rate to continue.

On his part , Secretary, Tin Can Island Chapter, National Association of Government Approved Freight Forwarders (NAGAFF), Comrade Godfrey Nwosu said ” Government increased the exchange rate for customs duty/ tariff effective today from N326 per dollar to N361and have computed same which has reflected on import declaration assessment for import duty without due consultations with relevant stakeholders, invariably duty has gone up.

He added that “This is insensitivity on the part of Government.”

By Roland Ekama