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Freight forwarders bemoan impact of CBN’s FOREX restriction on imported items

 Chieftains of
various freight forwarding associations on Friday bemoaned the impact of the
CBN’s policy restricting Foreign Exchange (FOREX) transactions on 41 imported

The freight forwarders in separate
interviews in Lagos, said the situation had resulted to low business activities
at the ports.
Dr Frank Ukor, president,
Association of Registered Freight Forwarders Nigeria, said business had been at
a low ebb as importers and exporters continued to face challenges in getting
FOREX for their business transactions.
“The issue of the Treasury Single
Account (TSA) and the new FOREX policy, which made it difficult for business
owners to get foreign exchange, has resulted into many customs agents closing
“The Federal Government should
relax the policy to enable manufacturers bring in materials needed for
production, especially as the year draws to a close.
“This condition will make it
difficult for the Nigeria Customs Service to realise its revenue target,’’ Ukor
Also, the president, Association
of Nigerian Licensed Customs Agents (ANLCA), Alhaji Olayiwola Shittu, said
several factors, including the FOREX policy, had affected the freight
forwarding business.
The ANLCA president said members
of his association now spend their days at the association’s secretariat,
rather than going aimlessly round the ports.
He said the economy had been going
through a downturn in activities and expressed the hope that it would change to
enable people return to work.
Contributing, Mr Lucky Amiwero,
the president, National Council of Managing Directors of Licensed Customs
Agents (NCMDLCA) said 80 per cent of their businesses had been affected by the
FOREX policy.
He said government must rejig the
economy fast because many people had become unemployed.
Amiwero said the business
environment had become very hostile, forcing many people to relocate to ports
in neighbouring countries.
A customs agent at the Lilypond
Terminal, Lagos, Mr Chuks Njemanze, said business had gone ‘really bad’ as
freight forwarders hardly get jobs to handle.

said the terminal operators should do well to ensure that containers be stemmed
to the off-dock terminals, rather than containers overflowing in Apapa.

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