Don’t delve into Fiscal policy, Focus on monetary policy, Farinto tells CBN. By Joy Enamuna

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Bearly 48hours after the Central Bank of Nigeria (CBN) releases circular on how use foreign exchange resources to eliminate over invoicing, transfer pricing, double handling charges which are passed on to the final consumer, the Vice -President of Association of Nigeria Licensed Customs Agents (ANCLA) Dr. Farinto Kayode has seriously faulted this CBN policy

According to Farinto, while giving his critical analysis on the circular released by Trade and Exchange department of CBN, “the Product Price Verification Mechanism (PPVM) which CBN said is to forestall Over pricising and Mis-pricising of goods and services imported into the country, explain that the CBN policy is taking Nigerians backward economically. 

The fact that CBN is removing the third party which is also known as outsourcing does not guarantee that CBN is blocking the loophole in goods declarations. “We the Customs Brokers are suggesting to government to pay urgent attention to National Financial Intelligence Unit (NFIU) department to allow them investigate the issue of over pricing and under pricing before CBN will release their templates/ circular. 

“The implications of this CBN policy to Nigeria economy is that all the third parties/ outsourcing and even the Shippers are totally and currently confused, they have been pushed out of business, which is drastically affecting the volume of imports presently. 

While the CBN, government employs foreigners to do the pricing and pays them in dollars,  our Naira will continue to cough and suffocate.

Farinto, who is passionately fighting on behalf of ANCLA members said ” l am of the opinion that CBN should work on how to stabilise Naira exchang rate which has been floating since last year.

He called on the World  Customs Trade Organisation to  also visit this CBN policy. 

Farinto who is  passionately fighting on behalf of his ANC (ANLCA members said ” l am of the opinion that CBN should work on how we would stabilise  Nigeria exchang rate which has been floating since last year.

Before now, CBN circular dated 24th August 2020 has directed all dealers/General public to only open Forms M for letters  of credit, Bills for collection and other forms of payment in favour of the ultimate supplier of the product or services

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