‘CBN’s price verification system contravenes customs act’

The new Central Bank of Nigeria (CBN) verification system portal contravenes the laws of valuation of imported goods, clearing agents have said.
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), in a petition to President Bola Tinubu said the CBN valuation system contravenes the Customs and Excise Management (amendment) Act 20 0f 2003/Nigeria Customs Service Act 35 of 2023.

The petition signed by National President NCMDLCA, Mr. Lucky Amiwero, said the valuation of goods in Nigeria is prescribed under the Customs and Excise Management (amendment) Act 20 0f 2003, and Nigeria Customs Service Act 35/2023 with six sequential applications.

“The act is the only legal instrument for the treatment, procedure and application of imported good in Nigeria. No other law or agency has the power to introduce strange principle not backed by any law,

“This law provides the primary basis for determination of the valuation of good which is based on transaction value for price actually paid and payable, which is the global application for treatment of valuation of imported goods.

“Such additional requirement of price verification by Central Bank of Nigeria on imported goods will duplicates the function of Nigeria Customs Service (NCS), create bottleneck and conflict in the determination of value, which is clearly spelt out in valuation of imported goods that is backed by the enabling law of valuation of imported goods.”