Customs Agents Kick as CBN Unveils Price Verification Portal

The members of the National Council of Managing Directors of Licensed Customs Agents has kicked against the newly introduced price verification system in the country’s ports by the Central Bank of Nigeria.

The new system, they said, contravened the Customs and Excise Management (Amendment) Act 20 of 2003/ Nigeria Customs Service Act 2023 on the valuation of import.

In a letter signed by the founder of the NCMDLCA on Wednesday, Mr Lucky Amiwero, sent to the President; Secretary to the Government of the Federation; Chairman of the Senate Committee on Customs and Excise; Chairman of House Committee on Finance; acting Governor of CBN, Ministry of Justice and Attorney General of the Federation, the group urged President Bola Tinubu to disregard the circular from the apex bank on the introduction of the price verification system.

The Agents group explained that the valuation of goods in Nigeria was prescribed under the CEMA Act 20 0f 2003, Nigeria Customs Service Act  35 of 2023, which gave the power of treatment, process, procedures and determination of valuation of imported goods under the Act, based on transaction value method.

The letter tried to bring to the attention of the Federal Government that the CBN Verification System Portal contravenes the Customs and Excise Management (Amendment) Act 20 of 2003/ on valuation of goods, Nigeria Service Act 2023.”

Amiwero said that CEMA was the only legal law for the determination of the value of imported goods.

He added that such additional requirement of price verification by CBN on imported goods would duplicate the function of the Customs.

He emphasized that the requirement would cause a bottleneck and lead to conflicts when determining the value of imported goods.

According to him, this valuation process is clearly outlined in the law that governs the valuation of imported goods.

He expressed the belief that such implementation, if allowed, will bring about duplication, lengthy and cumbersome procedures in import and export system, especially to those who are not experts on valuation and import and export procedure.