Acting CBN Governor, Folashodun Shonubi
KOREDE FOGO
The cost of clearing vehicles and other items at the nation’s seaports is expected to rise from today as the Central Bank of Nigeria (CBN), has adjusted the official exchange rate used by the Nigeria Customs Service (NCS), to calculate import duties and levies from N589/$1 to N770.88/$1.
To this end, the Customs Area Controllers, Tin-Can Island Command of the NCS, Compt. Kayode Oloyede, has informed various associations of the implementation of the floating Naira regime.
In a circular obtained by BUSINESSINSIDERNG, the Customs boss, titled, ‘Implementation of the floating foreign exchange rate regime,’ and made available to various freight forwarding associations in Nigeria, Oloyede, said the CBN has mandated the service to begin implementation of the policy.
The circular dated 5th July, 2023, reads, “In recent times, there has been a fluctuation of the exchange rate for trade as a result of the introduction of the Floating Exchange Rate Regime instituted by the Central Bank of Nigeria.
“Against this backdrop, the Central Bank of Nigeria has instructed all Ministries, Departments and Agencies of Government, including the Nigeria Customs Service to hitherto implement this policy. You are hereby notified of this new policy direction.
Accept my warmest regards, please.”
However, maritime experts have argued that the new customs exchange rate effectively means that there would be an increase in import duty payable by clearing agents to the Customs service.
Confirming the increment to BUSINESSINSIDERNG, the public relations officer, Association of Nigerian Licenced Customs Agents (ANLCA), Comrade Onome Monije, rued the increment saying from Monday, clearing agents will pay more for cargo clearance.
She said the increment will affect vehicle clearance saying clearing agents should engage their clients to forestall disagreement.
“The federal government has increased the Dollar exchange rate, from N422.30 to N589.45 now we are at N758.63 to a dollar. What it implies in simple terms is that, if clearing agents have a Debit Note that has not been paid on the system or Pre-Arrival Assessment Results (PAAR) or they have given you the value and you have not captured, it has affected you directly.”
“Once there is a change in the portal, there is nothing anybody can do about it. But if you have captured or access your work, you are good to go and your consignment would be released for you if you don’t have any infraction.”
She explained further that clearing agents that hasn’t done capturing of their consignment even if they have captured their consignment would have to pay with the old price.
“Whether you have collected your value, whether you have a PAAR, if you have not done your assessment as of now, you can’t capture with that old rate. Especially for the Roll On Roll Off (RORO) or those that are doing PARR door to door. It’s a Federal government policy. We stakeholders can’t do anything for now, saying it’s the prerogative of FG to intervene and stabilize the foreign exchange market.”