National President Association of Nigerian Licensed Clearing Agents (ANLCA), Mazi Iju Nwabunike, has expressed the association’s opposition to the recent introduction of a new exchange rate for customs duty by the monetary authorities.
The agents’ leader said that with the new adjustment from N326 to N361, the monetary measure now imposed additional N35 on each transaction, thereby worsening the operators’ business challenges.
CBN had recently announced an adjusted increase in the exchange rate for customs duty on importers and their agents.
According to the clearing agents, the Nigeria Customs Service immediately effected the new tariff without any form of sensitisation of operators.
Nwabunike, in an exclusive telephone interview with our correspondent, said the adjustment had put additional financial burden on manufacturers.
The industry operator, who expressed shock at the speed with which the Nigeria Customs Service integrated the new adjusted rate into the system, said that the service should have waited till after the traumatic effect of COVID-19 on the economy has subsided before effecting the new regime.
He said: “I appreciate the fact that the price of crude oil has gone down. I also appreciate the fact that COVID- 19 pandemic has grounded the economy of the world and oil rich countries like Nigeria have been drastically affected.
“But while all other nations that are dependent on oil are giving palliatives to organisations and companies, Nigeria is busy devaluing its Naira. This is a very wrong step.
“The effect of government action is going to be enormous on the economy. It is going about inflation, unemployment and remarkable increase in crime” he added.
Kayode Farinto, ANLCA National Vice President, who also decried the hike in landing charges, said it would bring about inflation in the country as manufacturers and importers would transfer the additional cost on consumers.
