Clearing agents lament Customs arbitrary increase of exchange rate 

He said the increment is not palatable with importers, because the move will increase the cost of cargo clearance at the seaports.

Nicol, speaking to newsmen,noted that such development would also cause a hike in prices of goods in the market and lead to inflation.

“It will raise the cost of clearing astronomically. Shippers will have to source more funds to clear their goods. The ripple effect is that goods will become more expensive in the market and this will lead to inflation,” he stated.

Nicol said shippers were not happy with the increment but has begun to pay, since the Customs have adjusted the duty payable on goods.

Speaking in a similar vein, National President, National Council of Managing Director of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, said the increase would create more hardship for the citizenry, because Nigeria runs an import-dependent economy.

He said: “The latest increase will also affect the purchasing power of Nigerians. The continuous increase will cause a problem because it will get to a level where the inflation rate will be high.

“The economy is not growing and the people’s purchasing power is gradually going down, which is an indication that the government should do something to avoid more economic woes.”

Also speaking, the vice President, Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, said, “The increase took effect on Tuesday. It is unfortunate that the cost of cargo clearance will increase and the value of goods will also increase, thereby causing inflation in the economy.

“The purchasing power of the common man on the street will continue to reduce because something you purchased N10 last month, this month, they will tell you it is now N60. Customs does not have control of it. They will just update the increase on their system immediately and they have done that.

“I have a job where I collect a valuation on Monday based on N381 but we can’t do the declaration now because it has been changed to N404. We are not producing anything as our economy is over 90 per cent import oriented, so what do we expect?” he stated.

An importer Nicholas Acholonu who spoke on the development said that he was at a loss as to the next move to make since the increment was announced.

Acholonu explained that he is contemplating closing shop due to the increment because he entered into some trade commitments before the increment was announced.

According to him, “I am at a crossroad as I speak to you because I do not know where to source additional foreign exchange from since the increment was announced.