Clearing Agents Make Demands As Customs Announces New Exchange Rate To Clear Goods at Ports
- Once again, the Central Bank of Nigeria has adjusted the exchange rate for clearing goods at the ports
- The latest change is an increase from the previous rate, bringing more headaches to businesses and clearing agents
- Licensed Customs Agents have expressed concerns about the incessant changes in customs duty rates and have made suggestions
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Data from the federal government trade portal shows that the customs exchange rate for clearing goods increased to N1,538.89 on Thursday, January 9.
The new rate represents a 0.34% increase compared to the N1,533.55 importers paid on Monday, January 6.
Source: Getty Images
Businesses use the Customs exchange rate when opening Form M to import goods. The FX rate is also used for Import Duty Assessment.
This rate remains valid until the date of termination of the importation and clearance of goods by importers.
Importers seek quarterly exchange rate regime
Meanwhile, the Association of Nigerian Licensed Customs Agents (ANLCA) has called on the federal government to stop the daily changes in the customs duty exchange rate.
The association is urging the government to stabilize the nation’s foreign exchange regime through a quarterly exchange rate system and reduce import duties on certain items, such as drugs and machinery.
They are also advocating for the promotion of trade agreements, like the African Continental Free Trade Area (AfCFTA) agreement, to improve the nation’s import and export trade.
The call was made by Emenike Nwokeoji, the National President of ANLCA, who believes that implementing the suggested policies will ameliorate the suffering of Nigerians, Nigerian Tribune reports.
His words:
"Importation depends on foreign exchange availability, as it is an international trade. The Federal Government must stabilise the exchange rate.
"We have repeatedly appealed for a quarterly exchange rate regime to help importers plan better. Frequent changes, sometimes three times a week, make import planning difficult for manufacturers and traders.
"The government should create a stable environment for importers to anticipate Customs duties and consider waiving duties on certain shipments to ease the burden on the masses. High duties at ports are passed on to consumers, contributing to Nigeria's high inflation."
He cited the removal of duties taken by Ghana on certain imports to curtail inflation.
Nwokeoji added:
"It’s a shame that Nigerian importers pay so much to bring in machinery and drugs. This is why the cost of drugs and other goods are so high in this country.
“Some routine drugs like diabetics and hypertensive drugs are so expensive in Nigeria because the duty paid on these drugs at our ports is too high.”
Nigeria Customs releases new update on recruitment
Ealier, Legit.ng reported that the Nigeria Customs Service has announced that it received 573,519 applications for its recently concluded 2024/2025 recruitment exercise.
The applications submitted through the NCS recruitment portal far exceed the available positions approved by the federal government.
The roles are based on candidates' qualifications and range from secondary school certificate holders to B.Sc. and HND graduates.
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Source: Legit.ng
