Depleted Income Customs seeks CBN’s review of forex policy

The Nigeria Customs Service is not the only party feeling the harshness of the CBN forex policy.

  • Published:
Hameed Ibrahim play

Comptroller of Customs, Col. Hameed Ibrahim Ali

(Harbours and Ports)
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The Nigeria Customs Service is also feeling the brunt of the Central Bank of Nigeria’s new policy on foreign exchange.

This has reportedly affected its capacity to generate good revenue, which is why it has sought to meet the CBN concerning a possible review of the forex.

Mr Wale Adeniyi, the Public Relations Officer of the service said this in an interview with the News Agency of Nigeria on Thursday in Abuja.

He explained that the contact being made with the CBN is to find a solution to the current strain the Customs Service is experiencing in respect to the forex policy affecting its income generation.

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Adeniyi said, “What customs is doing is to start engagement from the government agency to government agency; so we are going to be talking to CBN first to see what can be done in terms of review of policy.

“We all understand the objective of the policy but we don’t want a policy that will achieve one objective on one side and create some disruption and problem on the other.

“The objective of our consultation with CBN will be to see how we can fine-tune the policy to take care of the negative impact it is creating for our (customs) revenue without necessarily negating the objective of the policy itself. “So we will start with that and we hope we will get some positive outcome, mutually beneficial solution to the issue.

The Nigeria Customs Service is not the only party feeling the harshness of the CBN policy. Many individuals and corporate organisations have found it tough transacting abroad, especially in the face of the Naira fall.

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