News
CBN Raises Exchange Rate For Cargo Clearance To N1,605 Per Dollar
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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?”
News
Finally, IGP approves hunger protests across Nigeria
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The Nigerian police has finally approved the planned nationwide protests and outlined conditions for participants.
The Inspector General of Police, Kayode Egbetokun, revealed this on Friday while addressing journalists in Abuja.
He urged all groups planning to participate in the proposed nationwide protest to submit their details to the Commissioners of Police in their respective states.
The police boss said this was to ensure the protest was peaceful.
Egbetokun said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest.
“However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.
“To facilitate a successful and incident-free protest, they should please provide the following information: state the proposed protest routes and assembly points; expected duration of the protest; and names and contact details of protest leaders and organisers.”
The police boss said the information expected from the organisers also include measures to prevent hijacking by criminal elements, as well as key identifiers for possible isolation of potential troublemakers.
By providing the information, he said, the police will be able to deploy adequate personnel and resources to ensure public safety.
He said the police needed to know the specific routes and areas for the protest to avoid conflicts with other events or activities.
Mr Egbetokun said the police will “establish clear communication channels with protest leaders to address any concerns or issues that may arise; minimise the risk of violence, property damage, or other criminal activity.
“We encourage all protesters to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.
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Reps North-West Caucus Beg Youths, Citizens In The Region Not To Join Planned Protest
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Reps Applaud FCT Minister, Wike On AICL Improved Revenue, Infrastructure
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