‘Fluctuating Exchange Rate Impeding Importation Into Nigeria’s Seaports’

Clearing agents operating at the Tin-Can Island port, Lagos, lamented that the floating exchange rate has affected cargo importation into the country.

The association also lauded the comptroller general of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, over reforms he had embarked upon since his appointment.

Speaking under the aegis of the Association of Nigerian Licenced Customs Agents (ANLCA), the former vice chairman, Tin Can Island chapter of the association, Ada Akpononu, said floating exchange rate hampered trade and scares investors from the country.

According to Akpononu, the CBN should as a matter of urgency intervene to bring sanity to the system and restore the confidence of investors.

“The issue of floating exchange rate is a worrisome issue which impedes trade. The Ministry of Finance and the Central Bank of Nigeria (CBN) should as a matter of urgency intervene to bring sanity to the system and restore the sagging confidence of investors,” she declared

“As again the erroneous impression in some quarters, the floating rate was the fiscal policy of the CBN and not the making of the Customs. The Customs are just implementing the policy” Ada Akpunonu explained.

She however expressed surprise that the Manufacturers are doing little or nothing to address the situation.

“ It is only ANLCA, under the current leadership of Emenike, which is working silently to tackle the problems.

“The ANLCA leadership has engaged the necessary authority on this matter and it is still in the process of engagement” the freight forwarder claimed.

Also speaking, sole administrator, Tin-Can Island chapter of ANLCA, Sunday Eforha, said importers cannot make long term plans with the current economic situation.

“The situation is very unpredictable due to instability of the exchange rate which does not tend to be planned. In the last three to four months, there has been fluctuations in exchange rates. Importers are afraid. They cannot plan because most of them took loans from the banks with high interests” lamented Sunday Eforha, the ANLCA Tin can chapter sole Administrator.

He claimed that this situation has given rise to paucity of cargo at the port .

“Cargo throughput has dropped. Tin Can port now look like a graveyard” the ANLCA chieftain claimed.

They, however, agreed that the unfortunate situation was not the fault of the Customs as they merely implement government fiscal policies.

“As again the erroneous impression in some quarters, the floating rate was the fiscal policy of the CBN and not the making of the Customs. The Customs are just implementing the policy,” Akpunonu explained.

She however expressed surprise that the Manufacturers are doing little or nothing to address the situation.

“It is only ANLCA, under the current leadership of Emenike, which is working silently to tackle the problems.

“The ANLCA leadership has engaged the necessary authority on this matter and it is still in the process of engagement” the freight forwarder claimed.