The Lagos Shippers Association has called on port regulator; Nigerian Shippers’ Council to investigate foreign exchange transactions with intents to abolish the activities of black market exchange rates.
President of the association, Rev. Jonathan Nicole gave this charge in Lagos at an interaction with maritime journalists.
Nicole on behalf of Nigerian shippers demanded that foreign exchange transactions should be dealt strictly by the banks.
The Lagos Shippers Association has called on port regulator; Nigerian Shippers’ Council to investigate foreign exchange transactions with intents to abolish the activities of black market exchange rates.
President of the association, Rev. Jonathan Nicole gave this charge in Lagos at an interaction with maritime journalists.
Nicole on behalf of Nigerian shippers demanded that foreign exchange transactions should be dealt strictly by the banks.
According to him, the unstable exchange rate makes it impossible for shippers to make accurate projections in their import and clearing transactions.
"I strongly appeal to the Federal Government to look critically into why our Naira is worthless in the international circles, after all we export a lot of commodities that should have by now brought up our Naira to not more than 80Naira to the US dollar"
According to Nicole, Shipping and Terminal companies use the current black market exchange rates to increase their charges.
He said that they buy equipment and source for funds through the black market without recourse to the Nigerian Shippers Council for approval. Nicole said that this is inequitable.
He stressed further that "foreign exchange transactions should be dealt strictly by the banks. Black market in our candid opinion should be abolished. It has not helped the Nigerian economy. It is encouraging currency trafficking"
Discussion about this post