The arbitrary hike in exchange rate in payment of import duties by Nigeria Customs Service is hampering the smooth operation of Importers and clearing agents.
Importers and clearing agents in Nigeria have continued to express worries over the continuous arbitrary increase in the exchange rate for the payment of import duty by the Nigeria Customs Service (NCS).
Some importers said over the weekend that the situation was distorting their business plans, but has continued to force them to increase the prices of their commodities to manage marginal profit.
They said as much as they know that the management of the Nigeria Customs Service does not have the authority to formulate fiscal policies and directives, they are in the position to advise the government particularly its regulatory Ministry, the Federal Ministry of Finance on how best to go about the formulation and implementation of these policies.
They said the Nigeria Customs Service as trade facilitators are ordinarily expected to help the trading public in early sensitisation of the implementation of these policies so that they can plan better and be better prepared to successfully do their businesses.
The importers highlighted the fact that this arbitrary increase of the rate of the exchange has in no small measure continued to negatively impact the country’s economy, especially the inflation rate.
Speaking on the development, the President, Shippers Association of Lagos, Reverend Jonathan Nicole said the increment is not palatable with importers, because the move will increase the cost of cargo clearance.