Why Forex Does Not Affect Vehicle Importation—ANLCA President

L-R 3rd left, Abdullahi Mohammad, State Vice Chairman, NARTO, Mr. Victor Nnorom, Chairman, Amalgamation Trucking Associations, Mrs Foluke Judge, President of Cooporate Fleet Owners, Chief Agoha John representing Association of Nigerian Licensed Customs Agents, ANLCA at the meeting of the Amalgamation of Trucking Association with others in Maritime industry held in Lagos last week. 

Against the backdrop of the fact  that foreign exchange  normally affects importation into the country, the National President of the Association of the Nigerian Licensed Custom Agents (ANLCA); Prince Olayiwola  Shittu, has said that majority of vehicle importers make alternative financing that is why the foreign exchange variations do not usually affect them.Prince Shittu disclosed this recently in a chat with Shipping Position Daily at ANLCA secretariat in Lagos.He said, that when people are complaining about Forex, they are for imports that have value occurring exchange.In his words: “The majority that brings in the vehicles make alternative financing. For example, CBN will not give you money for you to go and bring used vehicles. So when people are complaining about Forex, they are for imports that have value occurring exchange. The money have to go through Forex to central bank but most car dealers are people who wants to use the car to send money back to their relations. When they bring in the car, it will be sold and the money given back to their relations” he said.

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