Experts Express Optimism As CBN Sets To Fix Customs Exchange Rate

Maritime experts have expressed optimism that the fixing of Customs exchange rate for clearance of cargoes at the nation’s seaports will reduce inflation, increase cargo importation into the country.
LEADERSHIP reports that the Comptroller General of Customs, Bashir Adewale Adeniyi, had recently announced that the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS), in support of the minister of Finance and Coordinating minister of the Economy, Wale Edun, are collaborating to achieve a stable rate for import of goods to enable business plan activities.

“With the support of the minster of Finance, NCS is working in close collaboration with the Central Bank of Nigeria to achieve a stable rate for import of goods to enable business plan activities,” the Customs CG said.

Speaking on the development, the the former acting president, Association of Nigerian Licenced Customs Agents (ANLCA), Dr Kayode Farinto, said the only solution to low volume of cargoes at the nation’s seaports is for the CBN to have predictive exchange rate for Customs purposes alone.

According to Farinto, in the last few months, there have been significant drop in the volume of cargoes in the country over the non stability of the exchange rate.

“The only solution is for us to have predictive exchange rate for Customs purposes alone. It’s not too much to ask. We pegged the exchange rate for pilgrims going to Saudi Arabia and Jerusalem during Buhari’s era. Why can’t we do the same for importers?”

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Also speaking, a clearing agent, Ikechukwu Anaba, said importers are currently unable to import due to fluctuating exchange rate.

The economy has been experiencing a decline in cargo volume in recent months, with many importers and clearing agents struggling to cope with the fluctuating exchange rate. The situation has also been difficult for freight forwarders, with many losing their jobs,” Anaba stated.

Anaba, however, suggested fixing a permanent Customs exchange rate for cargo clearance between N800/$ and N1,000/$, for a specified period, such as three months, six months, or a year.

He argued that fixing a static exchange rate for cargo clearance over three months to one year would not only foster economic stability but also ensure predictability in international trade within the maritime sector.