The Central Bank of Nigeria (CBN), has adjusted the Customs exchange rate for clearance of cargoes at the nation’s seaports and airports from N1,238/$1 to N1,150/$1.
According to data on Nigeria’s trade hub, the exchange rate has been adjusted by 7.1% or N88 from its last rate of N1,238/$1 by the CBN. The reduction of the Customs exchange rate is in response to the appreciation of the naira against the dollar in the official and parallel markets. Also, the CBN had earlier stated in response to complaints over the frequent changes in the Customs’ FX rate that the exchange rate on data of the Form M application will be used in calculating the duties collection. The Nigeria Customs Service (NCS), in collaboration with the CBN, regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.
However, clearing agents have called on CBN to ensure that the exchange rate for cargo clearance is reduced to N600/$1, to boost port activities. A clearing agent operating at Tin-Can Island port, Akinola Oluwaseun, said sustaining the forex markets gain will make economic activities boom in the seaport.
2 mins ago
The Central Bank of Nigeria (CBN), has adjusted the Customs exchange rate for clearance of cargoes at the nation’s seaports and airports from N1,238/$1 to N1,150/$1.
1 day ago
The Nigerian Army has dismissed the two soldiers involved in the alleged theft of armoured cables at the Dangote Refinery on April 14. Army spokesman, Major General Onyema Nwachukwu announced the dismissal of Corporal Innocent Joseph and Lance Corporal Jacob Gani in a statement on X. The Army earlier said it would probe both soldiers…
1 day ago
Nigeria said it will partner with leading International Money Transfer Operators (IMTOs), to double remittance flows into the country. The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made this disclosure in a statement on Monday. Cardoso said this during a press conference that was held at the International Monetary Fund (IMF) and…
1 day ago
The Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) has said it will crack down on unsafe, sagging and drooping telecommunication cables in the Lekki area. LASIMRA, in a statement, said the targeted areas include Lekki 1 & 2, Ikate, and environs. “This enforcement effort is critical to ensuring the safety of residents and maintaining…
1 day ago
The Nigerian Government has launched the Micro, Small and Medium Enterprises (MSME) and Manufacturing segment of the Presidential N200 billion Intervention Fund. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the launch of the Intervention Fund in a statement on Monday. Uzoka-Anite said with applications for the Presidential Conditional Grant Scheme now closed, the…
1 day ago
The Speaker of the House of Representatives, Rep. Tajudeen Abbas has promised that the 10th National Assembly will provide legal framework to regulate the adoption of Artificial Intelligence (AI) in the country.
1 day ago
The Inspector General of Police, Mr Kayode Egbetokun, has advised the Federal Government to merge the Nigeria Security and Civil Defence Corps (NSCDC) and the Federal Road Safety Corps (FRSC) with the police for effectiveness.
1 day ago
A medical expert, Prof. Olugbenga Mokuolu, has called for improvement in Nigeria’s malaria data to reflect a realistic figure of the disease.
1 day ago
Nigeria has resumed the prosecution of all Boko Haram detainees in Kainji, according to National Security Adviser (NSA) Nuhu Ribadu. Ribadu disclosed this during the two-day high-level African counter-terrorism summit in Abuja. He stated that the country is also gathering intelligence on the activities of Boko Haram and the Islamic State-West Africa Province (ISWAP) to…
1 day ago
The Kwara State Universal Basic Education Board (SUBEB) has begun the bid opening for the 2021 FG/UBEC/SUBEB school intervention project, with the aim of enhancing basic education infrastructure in the state. This event follows the successful completion of the 2014 through 2020 categories, indicating ongoing commitment to educational development in Kwara. The bid opening ceremony,…
