The Nigeria Customs Service (NCS) has increased its official exchange rate for cargo importation from $409 to $422.3, The Nation has learnt.
The exchange rate is what the Customs uses in calculating its duties and levies on imported goods.
For instance, the NSC collects 20 per cent Duty and 15 per cent Levy on every imported vehicle. That makes the amount payable to the government for the two charges to be 35 per cent of the amount you bought the vehicle abroad.
The rate the Customs was using to calculate the 35 per cent before the new increment was $409. But that calculation has changed to $422.3 ×35 per cent of the amount you purchased the vehicle.This is outside other charges you still have to pay the government, terminal operators and shipping firms before your vehicle can exit the port.
Stakeholders, who spoke with this newspaper, said, they were concerned because it would lead to geometric increase in the cost of clearing vehicles and other goods at the nation’s seaports.
Although findings have shown that the new exchange rate has reflected on the Customs portal, the National Public Relations Officer (PRO) of the Service, Mr Timi Bomodi told The Nation on phone yesterday, that the he didn’t know that the rate had been increased.
“I don’t know the rate has been increased. I don’t know. You are just informing me. I will confirm tomorrow,” the image maker said.
But there are indications that the latest increment has sparked serious reactions among clearing agents.
For instance, the former President, Association of Nigeria Licensed Customs Agents (ANCLA), Prince Olayiwola Shitu, said there is noise in the port over the unannounced increment.
“We are hearing today that Customs has increased its exchange rate from $409 to $422.3. And you will not know until you put in your documents and it will calibrate.
“There is hullabaloo in the port. People are talking about it since morning. People are not happy because they said the Customs took them unaware.’’