Arbitrary increase of exchange rate for payment of duty adversely distort business plans -Importers


Concession of seaports: Reps fault delay in review
Concession of seaports: Reps fault delay in review

By Godwin  Oritse

IMPORTERS and clearing agents in Nigeria have continued to express worries over the continuous arbitrary increase in the exchange rate for the payment of import duty by the Nigeria Customs Service, NCS.

The increase according to some importers that spoke Vanguard Maritime Report, has not only distorted their business plans it has continued to force them to increase the prices of their commodities to manage marginal profit.

The importers and agents said as much as they know that the management of the Nigeria Customs Service does not have the authority to formulate fiscal policies and directives, they are in the position to advise the government particularly its regulatory Ministry, the Federal Ministry of Finance on how best to go about the formulation and implementation of these policies.

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They said that the Nigeria Customs Service as trade facilitators are ordinarily expected to…

Source: Vanguard Newspaper

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