Customs brokers operating at Tin Can Island port have urged the Ministry of Finance and the Central Bank of Nigeria to address the fluctuating exchange rate hampering trade and deterring investors from the country.Customs brokers operating at Tin Can Island port have urged the Ministry of Finance and the Central Bank of Nigeria to address the fluctuating exchange rate hampering trade and deterring investors from the country.
The Sole Administrator of the Association of Nigerian Licensed Customs Agents , Tin Can chapter, Sunday Eforha, said the fluctuations in exchange rates in the last three to four months, scare importers, who are afraid and cannot plan as most of them took loans from the banks with high interests. The brokers noted that the Nigeria Customs Service Act 2023, which allows professionals to manage customs affairs, has significantly improved operations.
The Managing Director of Lungwu Nigeria Limited, Usman Baba, explained that duty application is uniform and triggered by the system, not on the whims and caprices of an individual. The National Insurance Commission has urged industry stakeholders to prioritise regulatory adherence to realise new agenda of increasing insurance penetration and ensuring efficient prompt claims settlements in Nigeria.