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THE Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko, has explained why shipowners are mandated to pay for some transactions in dollars.
Bello-Koko in an interview with PUNCH in Lagos said that shipping is an international business, so all the transactions, and negotiations, among others are initiated offshore.
He added that the payments are usually done before the vessels arrive in the country.
“Why will NPA start charging in naira on a transaction that has already started and consummated in foreign currency? There are some vessels that are coming into Nigeria for the first time, if you are charging them in naira, how will they pay that naira?” he queried.
