THE CBN CIRCULAR ON FOREIGN EXCHANGE RATES FOR IMPORT DUTY REFERS; ANOTHER VICTORY FOR PERSISTENT ADVOCACY BY THE 100%COMPLIANCE TEAM OF NAGAFF

THE CBN CIRCULAR ON FOREIGN EXCHANGE RATES FOR IMPORT DUTY REFERS; ANOTHER VICTORY FOR PERSISTENT ADVOCACY BY THE 100%COMPLIANCE TEAM OF NAGAFF

The National Coordinator 100% compliance Team Nagaff Dr. Ibrahim Tanko has explained the process they went through in order for CBN to reduce foreign exchange rate for import duty.

In a press release sent to Integrity News, Alhaji Tanko said they were summoned to Abuja twice because of the issue,he expressed his joy over the new development, as freight forwarders would be able to plan their businesses adequately.

" We were  summoned twice to Abuja over our persistent cries concerning the frequent changes in the exchange rate used in the calculation of duties for imports into Nigeria."

"We wrote the customs that this uncertainty were  brewing restiveness in our industry, and could boil over.

We only hear of increase in the exchange rate but never the fall, no matter how slight.

The customs referred us to the Ministry of Finance, who turned us over to the Central Bank."

"There we were assured of adequate attention to our petition.

Almost a year down the line, our prayers were answered.

Now importers and freight forwarders can plan, project and rightfully assess their operations."

"We are glad that our voices are being heard and adequate consideration given. 

The 100%compliance Team salutes the Central Bank for this progressive move towards trade Facilitation."

The uncertainty in the industry has now been doused he said.