Customs seeks review of CBN’s forex policy

Forex

Forex

Citing revenue shortfall to the tune of N230billion in the last quarter of 2015, the Comptroller- General of Nigeria Customs Service (NCS), Col Hameed Ali has forwarded a request to the Vice President, Prof Yemi Osibanjo seeking review of Central Bank of Nigeria (CBN) policy which restricts some items from accessing Foreign Exchange (FOREX).

Reviewing his recent visit to zone ‘A’ in a statement issued yesterday, the Customs boss said during the visit, he hosted members of the Manufacturers Association of Nigeria (MAN) to a forum where issues of mutual concerns were addressed.

According to Ali, on the front burner of the forum was the concern expressed by the participants over the militating impact of the CBN’s policy, banning some items from accessing its FOREX allocation.

The statement issued by Public Relation Officer, Wale Adeniyi, explained that the Customs boss informed the forum that request for a review has been tabled before the Vice-President, adding that at the end of the forum, “the two sides acknowledged the growing cordial relationship existing between the Customs and the Manufacturers Association of Nigeria, and expressed commitment to sustain the tempo”.

According to Adeniyi, to formalise the relationship, a joint Customs – MAN team was agreed to be set up to harmonise areas of conflict in a current draft Memorandum of Understanding.

Also, continuous engagement, honest declaration, training of importers and regular advocacy was recommended to address issues and queries.

Subsequently, Customs was enjoined to monitor its new dispute resolution mechanism and review it for modification if there are gaps in implementation.

While showing understanding for the current economic downturn which places pressure on Customs to safeguard revenue on contentious declarations.The forum encouraged Customs to balance that out by availing importers the opportunity to use the Bond option to avoid heavy demurrage pending final resolution of such disputes.

The forum noted the growing violation of Intellectual Property Rights of Nigerian Manufacturers resulting in the faking of their products by foreign companies.

Regular exchange of information, tracking of suspect cargo and strong collaboration were advocated to address these trade malpractices.

On the complaints over Export Expansion Grant (EEG), the Forum noted that its suspension was due to incessant abuse by some beneficiaries who indulged in racketeering and other vices.

The forum however noted that some few companies played according to the rules, emphasising need to supports on-going investigations into the scheme and expressed hope for a better incentive mechanism for exporters.

During the visit, the Comptroller- General also held consultations with some Terminal Operators in Tin Can Island and PTML Ports aimed at standardising Customs procedures, harmonizing operations and enhancing revenue collections.

The statement explained that Terminal operators were receptive to the proposals made in this regard and requested more time for further consultations.At the Ikorodu Lighter Terminal, The Comptroller General announced Customs intention to optimize the use of the facilities.

He disclosed that Customs management is considering the remodeling of the facility as a terminal designated to handle exports.
Under the arrangement, containers of Export will be trucked to the terminal from where they will be moved in Barges to the main Ports of Apapa and Tin-Can Island Ports.



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