Following another hike in Customs import duty rate
from N282 per dollar to an all-time high of N313,
importers and clearing agents say the development
appears the final death knell to wipe off the nation’s
import community.
from N282 per dollar to an all-time high of N313,
importers and clearing agents say the development
appears the final death knell to wipe off the nation’s
import community.
In June, the Nigeria Customs Service (NCS), in
response to the flexible exchange rate introduced by
the Central Bank of Nigeria (CBN), adjusted the
import exchange rate system from N197 to N282.
Thousands of consignments caught in the sudden
change were affected by the hike forcing importers
to part with large chunks of money for clearance.
They had barely recovered from the June shock
when the Customs, following a directive from the
central bank and the Finance Ministry (its
supervising Ministry), jerked up the duty exchange
rate to N313 to a dollar.
Lamenting the increase, an importer, Williams
Okechukwu, said, “importers are finished in Nigeria.
Nothing is working. This increase is like asking
importers to go and die.
You opened your Form M with N282 and by the
time you want to clear, you’re told it’s N313. This is
the height of government’s insensitivity. Many of
our members have closed shop, with their workers
laid off because cost of goods have doubled and
it’s still going to increase with this development.
Government shouldn’t kill people to realise revenue.
We need to protest this wickedness,” he stated.
Also lamenting the development, the Association of
Nigerian Licensed Customs Agents (ANLCA) said it
was jolted by the increase.
The association’s National Publicity Secretary,
Kayode Farinto, said: “We woke up this morning
(Monday) to see that NCS has for the second time
in less than two months changed the exchange rate
to N313 for all declarations. This is absurd, wrong
and barbaric considering the fact that many
importers have done their transactions and opened
Form M at N282.
“This will surely have its backlash effect because
the government is actually taking people for a ride.
Leaders in the maritime industry, for once, need to
come together to fight this injustice. We all need to
be part of this struggle since we are all
stakeholders in the industry,” he said.
For the Customs, the increase was a mere
compliance with a Federal Government directive.
According to a government source in Abuja, the
development, though unfriendly to importers, will
improve Customs’ revenue.
“No one should blame Customs. They’ve complied
with government’s directive. Any grievances should
be directed to the Ministry of Finance. The CBN
originates the new duty rate as directed by the
Finance Ministry.
“They resumed work on Monday and found the new
rate on the system and said that must be applied to
all imports with immediate effect,” the source
stated.
Recall that when Customs increased the duty rate
from N197 to N282 in June, the PTML Chapter of
ANLCA protested the hike by going on strike for
three days.
But ANLCA said its action would be determined by
the National Executive Committee (NECOM) of
ANLCA.
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