The current Central Bank of Nigeria (CBN) foreign exchange restrictions policy has actually resulted in a whooping N230bn shortfall in anticipated revenue, in the last quarter of 2015, the Comptroller General of Customs, Col. Hameed Ali disclosed at the weekend.
Col. Ali said this while rounding up a week long working visit to Lagos and other operational areas in the South West part of the country.
He said the Service has subsequently forwarded a position paper to the Office of the Vice President, Federal Republic of Nigeria, urging for a review of some policies of the Central Bank of Nigeria (CBN).
During the visit, the CGC hosted and brainstormed with members of the Manufacturers Association of Nigeria (MAN) on issues of serious mutual concerns.
The Manufacturers had in the course of the forum identified certain militating impacts of the CBN’s policy, especially those relating to banning of some items from accessing its Forex Allocation.
Building on both parties growing areas of mutual understanding and cordiality, the CGC has therefore stressed the need for a more encompassing approach involving a greater commitment to honest declaration and zero-tolerance for sharp practices.
Specifically, to formalize the unfolding laudable relationship, a joint Customs – MAN team was agreed to be set up to harmonise areas of conflict in a current draft Memorandum of Understanding, via Continuous engagement, honest declaration, training of Importers, even as a regular advocacy was recommended to address the issue of value upliftments and queries.