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CBN Sets Fixed Exchange Rate For Import Duty Payments
CBN Sets Fixed Exchange Rate For Import Duty Payments....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has established fixed duty rates to be paid by importers to the Nigerian Customs Services during the clearance of goods………CONTINUE READING
This directive instructs Customs to use the FX closing rate on the date of ‘Form M’ submission by importers for assessing import duty during goods clearance.
This decision was conveyed in a circular signed by Hassan Mahmud, the Director of the Trade and Exchange Department at CBN, and released on the CBN website on Friday.
Form M serves as a mandatory statutory document utilized by importers to declare their intention for importing physical goods into Nigeria.
This move is aimed at addressing the volatility and frequent updates on the customs website regarding the liberalization of the foreign exchange market.
Recently, the Nigeria Customs Service, through the CBN, has been regularly reviewing and adjusting the exchange rate for import duties and goods clearance on its website to reflect the prevailing market rate post the unification of the forex market in June.
Since the beginning of the year, the service has adjusted the forex rate almost twice weekly.
The latest adjustment by Customs saw the rate increase from N1537.07 to N1605.82 per USD.
In response to public and business community complaints, the Comptroller-General of the NCS clarified during an interview that the service does not determine the exchange rate but follows the CBN’s directives on such matters.
According to the circular, effective February 26, 2024, the closing rate on the date of opening of Form M for importation of goods and services will be the rate applied for assessing goods and services.
This directive replaces the requirement of Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition) 2018.
The CBN believes that these reforms will ensure market stability and foster market confidence necessary for attracting investment capital for the growth and development of the Nigerian economy.
The CBN unified the foreign exchange market in June 2023 in a move towards market floating, resulting in the naira losing over 100 per cent of its value on the official window.
The naira’s weakness, coupled with other fiscal policy initiatives like the removal of fuel subsidy, pushed inflation to a 28-year high as of January, standing at 29.90 per cent.
The inflation is primarily driven by food and transport, with food inflation at 35.4 per cent in January.
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NO MORE WAITING: EFCC Drops Bombshell New Strategy To Stop Looters Before They Drain The Treasury.
The Economic and Financial Crimes Commission (EFCC) has revamped its anti-corruption approach, shifting from retrospective asset recovery to intercepting suspicious transactions in real time. Speaking in Abuja on Monday to mark his third year in office, EFCC Chairman Ola Olukoyede announced the creation of the Fraud Risk Assessment and Control Department (FRAC), designed to flag and freeze suspicious bank accounts within 72 hours.....KINDLY READ THE FULL STORY HERE▶
Highlighting the agency’s adaptation to modern cyber-enabled financial crimes, Olukoyede noted that corrupt officials increasingly exploit tech-savvy actors to launder public funds into cryptocurrency wallets within 24 hours. To combat this, the EFCC has leveraged the licensing of around 40 digital asset platforms to track virtual wallets and established a presidential-approved centralized national confiscation wallet for seized cryptocurrencies.
In parallel, the commission is leaning into civil asset forfeiture under Section 17 of the Advance Fee Fraud Act to bypass protracted 10-to-15-year criminal trials by placing the burden of proof directly on claimants. Under the Proceeds of Crime Act (POCA) 2022, seized assets are now managed by specialized professionals through the Process and Proceeds Management (PCM) directorate, with depreciating properties auctioned into escrow accounts. Concluding his address, Olukoyede emphasized that structural policy reforms and institutional safeguards remain more vital to curbing corruption than enforcement alone.
entertainment
“MY MUM STARTED CRYING”: Fireboy Exposes The Heavy Family Backlash Behind His Shocking Smoking Photo.
Nigerian singer Fireboy DML shared on the Afrobeats Podcast that an Instagram Story post of himself holding a cigarette sparked a panicked reaction and a flurry of messages within his family’s WhatsApp group.....KINDLY READ THE FULL STORY HERE▶
However, the post triggered an immediate and frantic reaction from his relatives within their family WhatsApp group. According to Fireboy, the imagery deeply distressed his household, culminating in his mother becoming emotional and bursting into tears over the perceived change in his lifestyle. The sudden family backlash forced the singer to intervene swiftly, soothing his relatives by assuring them that the cigarette was merely a theatrical prop for entertainment purposes and not a cause for alarm.
Despite his initial reassurances to his worried family, Fireboy humorously confessed during the interview that his defense was only partially truthful, admitting that he ultimately went ahead and smoked the cigarette anyway.
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“HE SOUGHT A NEW CUSTOMER”: Presidency Drops Scorching Slapdown On Peter Obi Over Controversial Church Visit.
Daniel Bwala, President Bola Tinubu’s Special Adviser on Policy Communication, has taken a swipe at Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), following Obi’s recent appearance at Apostle Joshua Selman’s Koinonia Global and Eternity Network International.....KINDLY READ THE FULL STORY HERE▶
During the live-streamed Sunday service, where he was unexpectedly invited to speak, Obi told the congregation that politicians—not the country itself—are Nigeria’s core problem, humorously urging worshippers to “pray for us politicians to stop stealing.”
Reacting via his X handle, Bwala mocked the opposition politician, accusing him of using the pulpit to revive his “take back your country” campaign and seeking “a new customer in Pastor Selman” because those who provided him a platform during the 2022-2023 cycle have “found him out.” Bwala further criticized Obi by writing that he has “been reduced to an effigy of content creation” who relies on sentiments and vitriol.
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