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Customs rate for import duties collection should be charged in Naira – NACCIMA President



The President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Dele Oye has stated that the duties collection by the Nigeria Customs Service (NCS) should be charged in Naira rather than in another foreign currency.  

He stated this during an interview on Arise Tv News Night where he highlighted efforts by the Association to boost industrialisation and commented on recent policies by the government especially on the exchange rate.  

According to him, the federal government should walk its talk of conducting business in naira by ensuring the Nigeria customs charges duties collection in Naira instead of foreign currencies.  

  • He stated, “Government must not be seen to be making money off trade. Customs is a trade facilitation unit and the customs has no business charging the FX index rate. We should use the Form M rate which is a percentage of it and that is what you should use.  
  • “If government is saying it believes in naira, it must charge in naira for its services. We don’t have a dollar problem, we have a naira problem. The government should show by its own actions that it must conduct its business in Naira. Why are you saying people should do business in naira, but you are calculating your customs duties in FX? This kind of thing does not work anywhere in the world.”  

Furthermore, the NACCIMA boss faulted the frequent changes in the FX rate for customs duties payment saying it does not bode well for planning purposes.  


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Business News

Spouse seeks US intervention as Binance top executive lingers in FG’s custody



he spouse of a detained senior official at Binance, the cryptocurrency trading platform, has reached out to the U.S. Congressional delegation in Nigeria, requesting their intervention for the release of her husband, Tigran Gambaryan.  

Yuki Gambaryan, spouse of the detained Tigran Gambaryan, appealed to the visiting US delegation to urge Nigerian authorities for his release, amid a sweeping government crackdown on cryptocurrency activities. 

Recall that Senator Cory Booker, leading a U.S. Senate delegation, met with President Bola Tinubu in Abuja earlier this week to discuss mutual interests between both countries and the state of democracy in Africa. 

Meanwhile, It was learnt that the agenda of the visit possibly covered requests to the federal government for the release of the Binance senior official. 

  • “For more than 30 days, the Nigerian government held my husband without charging him of any crime. Then they charged him with being responsible for the unsubstantiated actions of his employer rather than having negotiations with the company in a manner in line with international norms.  
  • “Tigran is renowned worldwide for his dedication to collaborating with governments and stakeholders to combat financial crimes. This is an issue that Nigeria should be discussing with the company’s ownership and leadership.  
  • “Simply put, my husband is being held as blackmail. As these Members of Congress are traveling across Nigeria, I am calling on them to push the Nigerians to release Tigran and continue their investigation through appropriate channels directly with Binance,” Yuki Gambaryan told the U.S delegates.  

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