Senate Lauds CBN’s Acquisition Of Scanners To Check Leakages

Senate

By Ogbolu George with agency report

The Senate has commended the Central Bank of Nigeria (CBN) for acquiring Hi-Definition scanners and platform to check foreign exchange leakages and other infractions in the import-export value chain.

The Chairman of Senate Committee on Customs, Excise and Tariff, Senator Hope Uzodinma (PDP-Imo West), lauded the CBN in an interview with newsmen on Tuesday in Abuja.

He said that the technology would help in exposing leakages associated with revenue collection and other sharp practices in the Nigerian Customs Service and other stakeholders in the import-export chain.

Uzodinma said the CBN has acquired a platform called Enterprise Screening Platform, through which leakages experienced in allocation and management of foreign exchange and revenue collection by the Nigerian Customs Service will be blocked.

”The platform is designed to aid the CBN in stabilising the Naira by providing accurate cross referenced data on all trade facilitation documents.

”Those documents include Form M, Bill of Lading, Letters of Credit and Clean Certificate of Inspection.

”The platform will also help in tracking repatriation of foreign exchange proceeds record and online real time remote screening of in-bound and out-bound cargo or passengers,” he explained.

Corrupt system

The lawmaker said that the new technology would replace the manual process of examination of cargoes and other processes that had led to so much corruption in the system.

He pointed out that the platform would further ensure judicious utilisation of scarce foreign exchange to ensure that genuine foreign exchange users gained unfettered and transparent access.

Udozinma added that the process would effectively eliminate various foreign exchange abuses while leading to the appreciation in value of the Naira.

According to him, the new system will check corrupt practices like abuse of Form M, violation of foreign exchange manual issued by CBN, incorrect classification, under-valuation and under-declaration.

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