From Uche Usim, Abuja
Importers and port clearing agents woke up to a rude shock on Thursday morning to discover that the Central Bank of Nigeria (CBN) in agreement with the Finance Ministry has upwardly adjusted the exchange rate used in computing Customs levies from N783.174/$1 to N951.941/$1.
The effect of that is that the prices of imported goods will automatically increase when a higher clearance cost is built into the overall cost of the good or service. With the naira tumbling rapidly over the currency float policy of the CBN, the apex bank on June 24, 2023 adjusted the exchange rate from N422.30/$1 to N589/$1.
Again, on July 6, 2023 it was adjusted to N770.88/$1, on November 14, 2023, it was adjusted to N783.174/$1, now, adjusted to N951.941/$1.
Importers and clearing agents are wailing over the matter, describing it as hurtful and a foretaste of a bleak yuletide and new year.
According to them, the N194 increment in exchange rate means cargoes may be abandoned at the nation’s seaports as many may not afford the clearance costs.
Confirming the increment, Comrade Monije, who is the public relations officer, Tin Can Island chapter of the Association of Nigerian Licenced Customs Agents (ANLCA), flayed the increment, saying clearing agents will now pay more for cargo clearance at the various seaports.
“The federal government has increased the Dollar exchange rate, from N422.30 to N589.45, then to N770.88. In November, it was moved to N783.174 ans now, we are at N951.941 to a dollar. What it implies in simple terms is that, if clearing agents have a Debit Note that has not been paid on the system or Pre-Arrival Assessment Results (PAAR) or they have given you the value and you have not captured, it has affected you directly. We just believe that maybe with time, we will see a low exchange rate and it will become beneficial to the importers as well because once there is a change in the portal, there is nothing anybody can do about it. But if you have captured or accessed your work, you are good to go and your consignment would be released for you if you don’t have any infraction.”
She explained that only clearing agents that had done the capturing of their consignments would pay with the old exchange rate.
“Whether you have collected your value, whether you have a PAAR, if you have not done your assessment as of now, you can’t capture with that old rate. Especially for the Roll On Roll Off (RORO) or those that are doing PAAR door to door. It’s a Federal Government’s policy. We stakeholders can’t do anything for now, because it’s the prerogative of government to intervene and stabilise the foreign exchange market,” Monije added.