Customs Foreign Exchange (FX) duty rate volatility is complicating the initial transactions for clearing agents and importers, causing sig
Customs Foreign Exchange duty rate volatility is complicating the initial transactions for clearing agents and importers, causing significant disruptions in the clearing process and causing disputes between clearing agents and importers, stakeholders have observed.
The rate was adjusted to N1414.59/$1 on May 9 and increased to N1,457.01/$1 on May 11. On May 14, the rate was lowered to N1,407.06/$1 but escalated to N1,502.136/$1 on May 15. “The goods that have PAAR don’t have much problem because some of them are multinational. But for clearing vehicles, we are having challenges,” she said.
Fatomilola said this situation often results in delays, increased demurrage charges, and ultimately higher costs for end consumers. The industry leaders stressed that without government’s intervention to stabilise the FX rate, the clearing business and by extension, Nigeria’s import and export trade, would continue to suffer, impacting economic growth and stability.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
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