Customs still operates N197/$ despite new forex policy


1 Jul 2016

Customs still operates N197/$ despite new forex policy

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The Nigeria Customs Service still transacts all its businesses based on the old fixed exchange rate system of N197 to the US Dollar despite the adoption of new foreign exchange regime by the Federal Government.

The Area Controller of Lilypond Customs Command (Now Tin Can Island Port 2), Alhaji Abdul Kadir Dalhat, made the disclosure at a stakeholders’ forum organised by the command on Monday in Lagos.

Dalhat said the government had not issued any counter directive to the service on the fixed exchange rate system, adding it would only stop the fixed system on official government communication.

The Federal Government recently dumped the fixed exchange rate system for the floating system.

The new system removes the peg on the exchange rate, allowing the forces of demand and supply to determine the rate at which the dollar exchanges for the naira.

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Dalhat said: “Yes we are aware there is a new forex policy in the country but we have not received any counter directive on the N197 to a US dollar system.

“For now, all our dealings are still based on the fixed system and that will remain until the government gives us a new directive.”

Dalhat said there was the need for Nigerians to do more of exportation than importation to strengthen the economy and save the naira.

He said the service had been repositioned under the leadership of retired Colonel Hameed Ali, adding that efficiency had been substantially improved at the various ports’ commands.

The Controller said the Lilypond Command had been rebranded as Tin-Can Island Ports 2, explaining that the objective was to re-engineer it for efficient service delivery.

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News Source: TODAYNG, 9jaTales

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