ANLCA Faults CBN On Increase In Cargo Clearance Exchange Rate

The increase of customs exchange rate for cargo clearance by the Central Bank of Nigeria (CBN) is coming at a wrong time, the Association of Nigerian Licensed Customs Agent (ANLCA) has said.  

The Chairman of Tincan Island Chapter of ANLCA, Mr Ojo Akintoye, spoke with the News Agency of Nigeria (NAN) in Lagos on Wednesday. 

CBN recently increased the exchange rate for cargo clearance from N381 to N404.97 per dollar. 

According to Akintoye, there is an already tensed atmosphere in the nation, coupled with the rising insecurity and the increase in cargo clearance rate will put more pressure on the already tensed situation. 

He added that it would also lead to a hike in prices of goods in the market. 

“To the best of my knowledge in cargo clearance, this increase will increase everything about cargo clearance in the country and in the long run, impact negatively on the prices of goods in the market. 

“Government should understand that 30 per cent of cargo brought into the country are meant for commercial purpose and so the need to look inwards concerning the increase. 

“We are still experiencing economic set back from the COVID-19 impact and this increase will add more hardship to the society. 

“This is just not the right time for Government to go ahead and increase exchange rate for cargo clearance because presently, there is an increase  in  everything that Nigerians buy today,” he said. 

Akintoye pointed out that 90 per cent of what was being used in the country was imported as the country did not produce anything, adding that there should be an alternative for what we do in the country. 

He urged government to go back to the previous rate, adding that if the economy stabilises, they could increase and people would understand and not agitate much.