President, Shippers Association of Lagos State, Mr Jonathan Nicol, has raised the alarm that the floating exchange rate might shed three million staff strength in the maritime sector. Nicol said that the new forex regime had distorted import projections which had now been on decline.
According to him, “the recent increase in exchange rate of N313 to the dollar conveys the ignorance of port administrators including the Central Bank of Nigeria.”
He noted that with the new forex regime, shippers are paying more duty and costs of consumer goods were going up.
“The silence of the Federal Ministry of Finance on this issue without an official guideline is worrisome.
“The Minister of Finance should explain why this is so,” he stated.