Port agents come for Emefiele, say CBN’s forex policy affecting cargo shipment

The acting president of the Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, has accused the Godwin Emefiele-led Central Bank of Nigeria (CBN) of interfering with fiscal policy.

According to Farinto, the central bank is assuming governmental responsibilities that are outside the purview of the financial regulator, and this is having an impact on how well Nigeria’s ports are operating and lowering cargo volumes.

The ANLCA boss cited the 48 items on forex prohibition list, which had forced traders to approach the black market for foreign exchange, and also discouraged declaration, in a report by the News Agency of Nigeria (NAN) on Thursday.

While blaming the CBN, he said, “The role of the Central Bank of Nigeria (CBN) too cannot be overlooked and this is because they are encroaching on fiscal policy which affects the importation of cargo.

“That is why I say there is a decline and not increase. If it’s not a decline, I will say that 40% of the containers are raw materials from all these multinationals and producing companies like Nigerian Breweries.”

Meanwhile, Farinto said the African Continental Free Trade Agreement (AfCFTA) should be placed under a newly established ministry to enable the Nigerian government monitor the free trade area and prevent the country from being a dumping ground.

“We are signatory to this convention and whether we like it or not, African countries need to bring their goods to our country and we cannot say no.

“The UK has an anti-dumping policy in spite of the fact that they are a member of the European Union and they used it to reject items they don’t want in their country, so we too need to do things right.

“AfCFTA is a lofty idea for African countries, a ministry to oversee issues in Nigeria will make us more prepared.” Farinto said.