Importers, clearing agents and manufactures have cried out over the high foreign exchange (forex) rate in the country.
unified exchange rate windows to maintain Naira stability against foreign currencies, notably the United States Dollar but the policy, the stakeholder said, has not yielded the expected result because of the forex scarcity.
For the survival of the manufacturing sector, the lawyer requested the Federal Government to grant concessional Forex allocation in sufficient volume at the official Forex market to manufacturers for the importation of productive inputs that are not available in the country. A clearing agent, Mr Adesegun Ogunsanu, said this was so because import duty is calculated by summing up surface duty , surcharge, administrative charge , ECOWAS Trade Liberalisation Scheme and 7.5 percent value-added tax .
“Whatever you see in our system is what has been communicated to us by the CBN. It is determined by the Central Bank of Nigeria. It is a monetary policy. We only implement what is given to us. It is a monetary policy and anything monetary is not determined by Customs; it is determined by the CBN. We only use what is communicated to us to determine import duty of imported goods.”
This, Agbabiaka said, “ is because depreciation in Naira value causes vehicle importation and manufacturing raw materials and machinery imports to be more expensive.” A member of the group, Gbenga Aribisala expressed concerns over the grappling volatility of forex market and the attendant effects on Small and Medium Enterprises , micro and nano businesses, a concern that was also raised by indigenous entrepreneurs who spoke with the paper.
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