NACCIMA to FG: Customs must collect duties in naira — NOT dollar

The Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture says duties collected by the Nigeria Customs Service should be charged in naira and not dollars.

The regulator directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 percent capital adequacy ratio computation as part of the bank’s risk.Reacting to this, Oye said the association is still unclear about the fiscal policy objectives of the recent directives by the CBN.

“We are still unclear about the Fiscal Policy objectives being pursued through these monetary policy directives,” he said.‘This directive is one of many in the public domain, and our position is to treat them equally. “The Nigerian Customs Service must collect the national currency of Nigeria. NCS must stop collecting duties using the United States Dollar rate.“We respectfully urge the esteemed office of the ministry of finance and economic coordination to expedite the release of the Presidential committee report.”

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