The latest duty exchange rate has since been reflected on the Customs portal.

Before the latest increase, the exchange rate for customs duty in June was N420 per dollar before it was jerked up to N775 per dollar in July.

Shortly after that, it jumped to N778 per dollar before the latest increase to N951.941 per dollar.

However, the customs has explained that it would ensure that there is a minimum delay in the customs process in order to ensure customs agents take delivery of their cargo without incurring demurrage.

Explaining the position of the customs on the increase yesterday, Comptroller Dera Nnadi, the Tin Can Customs Area controller, said there was little the customs could do over the fiscal and monetary policies which he said are within the purview of the federal government while the customs merely implements them.

Nnadi, however, promised that the customs, especially his command, Tin Can Island Port, would try to optimise its service delivery by facilitating trade to minimize the anticipated delays and resultant demurrage in order to mitigate the effects of the sudden increase.

“We are all affected, including the customs officers, by the increase.

“There is no separate supermarket where they sell customs bread”

” We as Nigeria Customs officers, just like other Nigerians, woke up this morning( Yesterday, December 7th) to find out that the exchange rate, which is the yardstick for the collection of customs duty, has been jerked up.

” Before June/ July, it was 420 per dollar, by July, it jumped to N775 to dollars, shortly after, it jumped to N778 to a dollar and this morning (yesterday, December 7th), it was increased to N951.941per dollar.

” We understand the implication of this on trade, bearing in mind letters of credit have been opened, contracts have been signed, supplies have been made, and people have negotiated business transactions based on the previous exchange rate.

” And we recognize the import of this exchange rate on trade.

” We recognize what the Nigeria business community is going through but there is little we can do as customs service about the fiscal and monetary policies.

” Our role is to implement them, we do not make these policies and we align ourselves with government decisions.

” Every decision taken by government is for the collective interest of the nation and we expect that we must all abide by it.

” As Customs, what we can do to mitigate the impact of what the trading public is going to go through in the next few days because of the increase in the exchange rate is to optimise our service delivery where there are expected delays in customs process to make up for this sudden increase.

“We will try to facilitate trade so that whatever little money you would have paid on demurrage, you can now use it to make up for this sudden increase and that is what I can manage.

“We do this because if the agents go back to their importers and ask them to raise additional funds to augment the one they have paid because of the sudden increase, the importers may find it difficult to raise the money and there will be delay and the attendant demurrage.

” So what we can do as customs service, is to minimize these expected delays through facilitation of trade.

” The Nigeria Customs Service cannot manage the other aspect of price increase because that is the function of federal government directive” Comptroller Nnadi explained in a very comprehensive manner to exonerate the customs service from these sudden increases in the exchange rates.

He however believed that most of the trade activities in Nigeria are being heavily subsidized by the government which makes citizens of the neighbouring countries cross the borders to Nigeria to buy goods in Nigeria.

” But I am by no means justifying the incessant and sudden increments in tariff.

” But Nigerians must be patriotic enough to obey government policies when they are issued because every government policy is issued in the best interest of the people” the Customs chief sermonises.