The Federal Government has revised the exchange rate for the Nigeria Customs Service (NCS) for the importation of goods for the second time within a 24-hour period. Typically determined by the Central Bank of Nigeria (CBN), the exchange rate for Duty collection has seen significant fluctuations recently. As of the end of January, the importation exchange rate stood at N953 per dollar. However, on Friday morning, it was raised to N1,356 per dollar. Within a short span, the rate underwent another review, reaching N1,413.62 per dollar by Saturday morning. The constant changes in the exchange rate have triggered concerns and…
Author: Editor Francis
The Independent National Electoral Commission (INEC) has taken the decision to suspend re-run elections in 20 polling units across Kano, Enugu, and Akwa-Ibom states. The National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, revealed this development in a statement on Saturday. Initially probing disruptions during the rerun and by-elections in the mentioned states, INEC reported smooth accreditation in the 8,934 polling units across 26 states. However, instances of thuggery, material hijacking, and irregularities were reported in Akwa Ibom, Enugu, and Kano states. The suspension is attributed to irregularities and the abduction of election officials. Specific…
In response to the recent unprecedented decline of the national currency, the Federal Government is reportedly considering a policy that would mandate the conversion of foreign currencies held in the domiciliary accounts of citizens into naira. The move aims to stabilise the Nigerian currency, which experienced a historic 24% depreciation against the dollar earlier this week. According to sources within the Presidency, the proposed policy would involve the conversion of idle foreign currencies in both individual and corporate domiciliary accounts to naira at a rate determined by the Central Bank of Nigeria (CBN). The drastic measure comes as a response…
The Makurdi Zonal Command of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) successfully dismantled a child trafficking syndicate, leading to the rescue of five victims and the apprehension of eight suspects. The operation, initiated in response to a distress call from a concerned mother searching for her twins allegedly sold in December 2023, was disclosed by Bai Gloria Iveren, the Zonal Commander of NAPTIP, Makurdi. Iveren revealed that NAPTIP operatives, following meticulous surveillance and rescue operations in Makurdi metropolis, uncovered the syndicate’s modus operandi. The criminals targeted vulnerable homes, including IDP camps, by posing as helpers…
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The Nigerian naira exhibited strength in the foreign exchange market, reaching N1,440 per dollar on Friday, marking an improvement from Thursday’s rate of N1,450 per dollar. The Nigerian Foreign Exchange Market also witnessed appreciation, with the indicative exchange rate falling to N1,435.53 per dollar from N1,461.9 per dollar on Thursday, reflecting a significant N26.37 appreciation for the national currency. This positive development led to a reduction in the gap between the official and parallel market exchange rates, decreasing from N11.9 per dollar on Thursday to N4.47 per dollar on Friday. The momentum follows the Central Bank of Nigeria’s (CBN) recent…
The recent 55% depreciation of the Nigerian naira against the United States dollar in the official foreign exchange market has triggered a significant increase in international airfares. This follows the naira’s drop from around 900/dollar to over 1,400/dollar after the FMDQ Exchange revised its methodology for calculating the nation’s official exchange rate, prompted by allegations of false reporting by approved foreign exchange dealers. Within 24 hours of the official exchange rate adjustment, international airlines operating in Nigeria raised the exchange rate for pricing their tickets from approximately N900/dollar to N1,421/dollar. Notably, airfares for popular routes like Lagos-London-Lagos, Lagos-New York-Lagos, and…
The investigative and enforcement team of the National Agency for Food and Drug Administration and Control (NAFDAC) has initiated a countrywide clampdown on the production of alcoholic beverages in sachets, small volume Polyethylene Terephthalate (PET), and glass bottles below 200ml This action follows NAFDAC’s decision to halt the registration of new drinks below 200ml with an alcohol content exceeding 30%, based on the recommendations of a committee comprising the Federal Ministry of Health, NAFDAC, and the Federal Competition and Consumer Protection Commission (FCCPC) in December 2018. In January 2022, NAFDAC issued a directive instructing manufacturers of such alcoholic beverages to…
Matthew Miller, Department Spokesperson, announced the United States’ designation of three Sudanese entities contributing to the war efforts of the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF). Zadna International Co for Development Ltd is identified as a key player in the SAF’s commercial network, utilized for fund laundering. Al-Fakher Advanced Works Co. Ltd. serves as a holding company for RSF’s gold export business, generating substantial funds for their war endeavors. Al Khaleej Bank Company, Ltd has been central in funding RSF’s operations. These entities are accused of undermining peace, security, and stability in Sudan. Despite commitments to…
The Alausa, Ikeja, enrolment center of the National Identity Management Commission (NIMC) witnessed a surge in visitors, including telecom subscribers and students applying for WAEC and JAMB examinations, as they thronged the facility to enroll for the National Identity Number (NIN). The NIN is a prerequisite for various registrations, including those for examinations and obtaining an international passport. The massive crowd, however, created an opportunity for unscrupulous individuals to exploit innocent citizens seeking NIN registration. Reports indicate that extortion by these elements has become rampant, with some demanding between N10,000 and N20,000 from desperate parents. A concerned parent, Mrs. Okeke,…
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The 27 European Union leaders reached an agreement on a €50 billion aid package for Ukraine, overcoming earlier opposition from Hungary. The deal was initially blocked by Hungarian Prime Minister Viktor Orban, a close ally of Russian President Vladimir Putin, who aimed to prompt a reevaluation of the EU’s policy towards Ukraine. Ukrainian President Volodymyr Zelensky welcomed the approved funding, emphasising its positive impact on the country’s economic and financial stability. The Ukrainian economic ministry anticipates receiving the first tranche of funds in March. Concerns had risen that Hungary might again block the aid package, as seen at a European…