Mr Lucky Amiwero, President of the National Council of Managing Directors of Licensed Customs Agents, has emphasized the need for the Federal Government to adopt a special exchange rate for the calculation of import duties.
In a letter obtained by NewsNow on Tuesday, Amiwero highlighted that a stable exchange rate for import duties would be beneficial for economic growth and the overall Nigerian population.
This call comes shortly after the Central Bank of Nigeria raised the exchange rate for cargo clearance from N1,600.32 to N1,618.73, resulting in an increase of N18. The revised rate has already been updated on the Nigeria Customs Service official portal.
The timing of this increase coincides with a 6.43% depreciation of the naira in July.
Amiwero expressed concerns regarding the prevailing practice of using floating exchange rates to calculate customs duties.
He stated, “The use of floating exchange rates has exacerbated the high costs of goods and escalating food prices in Nigerian markets.”
According to Amiwero, the fluctuating rates in the foreign exchange market have led to unpredictable pricing and a surge in the final prices of goods.
To combat these challenges, Amiwero called for measures to address the uncertainties associated with the current exchange rate system and stressed the importance of stabilizing the domestic trading environment.
Importers, like Mr Basil Nwaolisa, have witnessed a significant increase in the cost of clearing goods at the port. Nwaolisa mentioned, “The cost of clearing a 40ft container of goods can now reach N16m or more, compared to previous clearances.”