BREAKING :Exchange rate: Agents lament low importation, trapped vehicles

The Association of Nigerian Licensed Customs Agent, ANLCA, on Saturday said that the floating of the nation’s currency had caused a drop in vehicle importation in the nation’s ports.

The agents also said that vehicles imported into the country were trapped at the ports due to the rise in exchange rate which skyrocketed vehicle duties.

They disclosed these in separate interviews with the News Agency of Nigeria in Lagos.

Rilwan Amuni, taskforce chairman of ANLCA, told NAN that the floating of the naira was inevitable because government wanted a uniform rate.

Mr Amuni, however, urged the government to look into other levies paid at the ports.

According to him, the challenges faced by customs agents at the ports were enormous because of the high dollar rate which hiked duties on vehicles to over 50 per cent.

The job we used to do after the advent of the Vehicle Identification Number (VIN) in which we charged N1.4 million, is now like N2.2 million and this has resulted in vehicles being trapped in the ports.

Also, there has been a drop in importation because things are really biting hard,” he said.

Mr Amuni added that the development had affected goods already imported, noting that they had no choice but to clear at the current

He also urged government to look into the levy placed on used goods, adding that they are proposing for a dialogue with the Federal Government on ways to jettison this levy so that there would be a relief.

Some people are confusing the tax that was suspended recently with the issue of levy. It is not levy that they removed, it’s the Import Adjustment Tax that was supposed to have started.

We are appealing to government to remove the levy because what does a poor man derive when he buys a Corolla 2004 and pays duty and fine again? The only goods that are supposed to have levy are luxury goods

Maybe you are a big man and you want to ride a yatch, helicopter, that is what they are supposed to levy not on used goods,” he said.

Contributing, Michael Imonitie, the Secretary, ANLCA TinCan chapter, said goods were not being cleared at the port due to the challenge.

Mr Imonitie disclosed that out of 100 importers only 20 were taking their goods out of the ports.

According to him, this means that most goods will be incurring demurrage and overtime or even abandoned.

We all know that there is going to be a negative effect on clearance of vehicles at the port.

exchange rate, the exchange rate has risen from N422.3 to N589.55 and now N770.88 which is pure black market rate . The exchange rate of CBN is N756/N757, government was supposed to have given us a notice of either 60 or 90 days before implementation.

CREDIT. NAN.