The implementation of exchange rate for cargo clearance by the Nigeria Customs Service (NCS) has drawn the ire of stakeholders in the maritime industry.
They claimed the new policy, which began yesterday may have severe economic consequences.
The Federal Government, through the Central Bank of Nigeria (CBN), raised the exchange rate for import duty calculation from N952 to N1,356 per dollar, significantly increasing the cost of cargo clearance.
The development came weeks after the rate was moved from N783 to N952 per dollar, following a similar adjustment in November 2023, when the rate was first raised from N757 to N783 per dollar.
A former acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, criticised the ‘abrupt nature of the implementation’, noting that the Customs Act 2023 requires proper notification before such changes could take effect.
“I’m not aware of any strike threats, but what I do know is that Section 18 of the Customs Act 2023 says Customs shall charge 4 per cent of the free-on-board value of imports according to international best practices. So that means whatever they are implementing now is in line with the Act,” he noted.
However, Farinto emphasised that Section 23 of the same Act mandates that Customs publish such information on their website to ensure adequate sensitization.
“Nobody has been sensitised. You can’t just wake up and say you want to implement 4 per cent duty. It’s ridiculous. It’s absurd. And this negates what is happening in international climes.
“So, Customs should be advised to withdraw that implementation and sensitise the trading community before they start enforcing it. We are not in Oshodi Market where you just buy and sell, and your customer tells you tomorrow that he is inflating the price of whatever he is selling.
“This is international trade, people must be sensitised, traders abroad should be informed that from a specific date in 2025, we shall be implementing this charge,” he added.
