News
CBN Raises Exchange Rate For Cargo Clearance To N1,605 Per Dollar
The Central Bank of Nigeria (CBN), on behalf of the Federal Government, has again increased the exchange rate for cargo clearance to N1,605 per Dollar.
This adjustment follows recent fluctuations, with the rate initially rising to N1,515/$, then dropping to N1,472/$.
Since January, there have been several adjustments in the exchange rate, starting from N952/$ in December, then moving to N1,356/$, followed by N1,413/$, and eventually reaching N1,444/$ before hitting the current rate of N1,605/$.
According to The PUNCH, checks on the portal of the Nigeria Customs Service on Wednesday morning showed that the new rate was reflected on the portal.
Barely a month ago, the Federal Government, through the CBN, elevated the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.
This adjustment follows weeks after the rate was raised from N783 per dollar to N952 per dollar.
Recall that as at November 2023, the exchange rate for cargo clearance was increased from N757 per dollar to N783 per dollar, marking a 3.4 per cent rise.
Subsequently, in December, it was further raised from N783 per dollar to N952 per dollar.
The updated rate in the subsequent month has been implemented on the Nigeria Customs Service portal.
In response to the development at the time, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed his views during a conversation with journalists saying: “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.
Since this unification of a thing, the government has refused to look inward and critically into the maritime industry regarding importation and exportation. The sector has been neglected, and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”
By Kayode Sanni-Arewa
US President-elect, Donald Trump’s incoming administration plans to immediately order a series of deportation raids targeting illegal immigrants after his inauguration.
Chicago is expected to be the first major city targeted by Immigration and Customs Enforcement agents as part of Operation Safeguard, the New York Times reported, citing two people familiar with planning the undertaking.
The massive deportation operation is expected to target criminals and gang members in the United States illegally and run for one week.
Trump has promised to conduct the largest deportation program in U.S. history.
Up to 200 ICE agents are being sent to Chicago to help kick off the operation on Tuesday, the Wall Street Journal reported. The agency has already asked agents to volunteer for the post-inauguration raids.
“There’s gonna be a big raid across the country,” Tom Homan, who will be in charge of U.S. borders once Trump takes office, told Fox News in an interview.
Homan has previously said he will instruct ICE agents to carry out raids on illegal immigrants at their workplaces.
In addition to Chicago, the sweeping crackdown will also target other major U.S. cities with large immigrant populations.
Trump is set to take the oath of office on Monday, January 20, in an inauguration that will take place indoors.
By Kayode Sanni-Arewa
A faith-based civil society organization, CSO that monitors and reports on Hajj and Umrah activities, the Independent Hajj Reporters, IHR, has commended the National Hajj Commission of Nigeria, NAHCON, for selecting a different Saudi-based Hajj service provider for the 2025 Hajj season.
It said the decision would create healthy competition among service providers interested in efficiently, qualitatively, and satisfactorily serving Nigerian pilgrims.
The CSO, in a statement signed by its National Coordinator, Malam Ibrahim Muhammed, in Makkah, Saudi Arabia, and made available to our correspondent on Sunday in Abuja, said the quest for improved Hajj services has been a major challenge for Nigerian pilgrims owing to the repeated failure of providing satisfactory services.
”We applauded the decision to pick another service provider that will cater for the needs of pilgrims within the Masha’ir areas during the five days of Hajj,” he said
The national coordinator, who is currently in Saudi Arabia to monitor the pre-Hajj arrangements, said available information shows that the new company, Mashariq Al Dhahabia, is an experienced provider that has served top-rated Hajj countries, like Indonesia and Malaysia, and ranked among the top five Hajj service providers by the Saudi Arabia Ministry of Hajj and Umrah.
“The company served 249 706 which is the largest number of Hajj pilgrims during the 2023 hajj. They were awarded as the Best Hajj Service Providers during the 2022 Hajj by the Saudi Ministry of Hajj and Umrah,” he stated.
IHR said it further understood that NAHCON is planning to recruit another service provider to provide services for very important personalities, VIP pilgrims so as not to repeat the experience of previous years, which is also a desired step forward.
It, however, urged NAHCON to set a parameter of performance for the newly selected service providers to serve as a baseline for determining continuous patronage, advising that such criteria should be based on pilgrims’ satisfaction and adherence to contractual terms.
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