Chief Tochuwku Ezisi, the President of the National Association of Government Approved Freight Forwarders (NAGAFF), has advised his members to swiftly incorporate strategies into their business plans to adapt to the new import duty exchange rate set by the Central Bank of Nigeria (CBN).
The exchange rate has been adjusted from ₦1,405/$ to ₦1,364/$.
During a telephone interview on Thursday morning, Chief Ezisi expressed his concerns regarding the continuous increase in import duty exchange rate over the past year.
He stated, “I have been deeply worried for the past few months and extremely uncomfortable with the consistent 24-hourly increase in import duty exchange rate by the Federal Government. Unfortunately, this situation is not beneficial for our economy as we heavily rely on imports.”
Chief Ezisi further expressed his relief upon receiving news from his stock exchange manager that the exchange rate had decreased from ₦1,405/$ to ₦1,364/$. While the shippers are grateful for this development, Chief Ezisi, like Oliver Twist, appealed to the Federal Government to further reduce the exchange rate.
This reduction would facilitate the clearance of backlogged cargoes at the ports, preventing them from becoming overdue.
He emphasized the consequences of delayed cargo clearance, stating, “Whenever I witness the auctioning of shippers’ cargoes due to non-payment of statutory fees and the subsequent accumulation of overdue cargoes, it deeply affects individuals and businesses. Someone, somewhere is experiencing heart attacks or being forced out of business.”
Acknowledging that some mistakes and delays in cargo clearance are caused by Terminal Operators, Shipping Companies, and Government agencies, Chief Ezisi expressed the association’s willingness to endure these challenges until order is restored.
Chief Ezisi also took the opportunity to extend his Easter greetings to the members of NAGAFF and all freight forwarders. He urged everyone to reflect on the death and resurrection of Jesus Christ during these challenging economic times in Nigeria, emphasizing that this hardship is temporary.