To advocate for the less privileged and save the nation’s economy ,Lucky Eyis Amiwero the President ,National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) has called on President Bola Ahmed Tinubu to adopt a fixed exchange rate for payment of import duty .
Amiwero who made the request in a letter to President Tinubu noted that the issue of floating exchange rate is affecting import and makes it difficult for the common man to survive.
He added that the present calculation of import duty which is derived from the forex market has made the consumer price of products highly expensive and it is affecting the traditional market.
He decried the growing uncertainties associated with clearing imported goods from the ports due to growing exchange rate disparities.
According to him, critical areas of the economy that directly touch on the common man like the manufacturing sector, small and medium enterprises as well as the common Nigerians are not insulated from the adverse effects of the present exchange rate regime
“We once more bring to the attention of the Federal Government of the difficulties faced by the Nigeria public, soring price of goods in the market due to the floating exchange rate use in computing Import duty, which has adversely affected importation drastically, transportation, food stuffs , which is very difficult to come by, especially the down trodden who live from hand to mouth and have nothing to fall back on”
” We are much concerned about the uncertainties built around the clearance of goods, on the application of exchange rate from the liberalized floating FOREX market, creating abnormal increase in the final sales of price of goods, which is largely driven by inconsistent, unpredictability that adversely affect the Nigerian Traditional market and its citizen, as stated in your circular TED/FEM/PUB/PC/1001/007 OF February 23, 2024″
“As a member who served in various Federal Government Committee, which includes: Presidential Task Force on the Reform of Nigeria Custom Service, Presidential/ Central Bank committee on Destination Inspection, Presidential Committee on the Realization of 48Hours clearance, Presidential Committee of Port problems, Ministerial Committee of Import Clearance procedures and implementation of Fiscal Policies, Inter-ministerial Committee/ Task force on the review of Port Charges, National Facilitation Committee of FAL/IMO just to mention a few, we are much concern about the uncertainties built around the clearance of goods, on the application of exchange rate from the liberalized floating FOREX market, creating abnormal increase in the final sales of price of goods, which is largely driven by inconsistent, unpredictability that adversely affect the Nigerian Traditional market and its citizen, as stated in your circular TED/FEM/PUB/PC/1001/0”
“The liberalization of the FOREX on floating exchange rate principle, has major concerns of imports of goods and service, in the irregular and high exchange rate that has adversely affected the general well-being of Nigerians, which has trigger economic effect.”
“As a result of the effect, there is need to manage the home front by adopting measures that will remove uncertainties, unpredictability and inconsistency in the application of the Rate of exchange, so as to stabilize the domestic trading Environment, that is volatile as a result, many importers are afraid to go in for further shipment, especially sourcing for FOREX and at the same time sourcing for payment of Import duty using the same exchange rate”
“This has adversely affected the Manufacturing sector, Small and Medium scale sector, informal sector of the economy and traditional Market where majority of items are either not available or people are limited with purchasing power to purchase them”
“To bring back the economic life of the nation, there is the need to adopt manageable stabilized exchange rate for the Payment of Import duty, so as to trigger the economy on the trading front and generality of Nigerians” he wrote.
