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CBN Raises Import Duty Rate To N1,618.73/USD Despite Naira Rapid Downfall

By Kayode Sanni-Arewa
The Central Bank of Nigeria has reviewed the cargo clearance exchange rate at both the nation’s seaports and airports to ₦1,618.73 per USD from ₦1,600.32, the highest since March 2024.
It was coming in tandem with a 6.43 per cent depreciation of the naira in July, hence it has made the adjustment most worrying, especially to importers, considering its impact on raising import costs and fueling inflation.
Recall CBN’s efforts to stabilize the naira through many sales of foreign exchange continued to show some challenges in the market. The exchange rate appreciated by ₦18 to close at ₦1,618.73 as against ₦1,600.32 recorded in the previous session. Reacting to the growing pressure on the naira, the CBN sold FX to authorized dealers and BDC operators in several intervention exercises in July. However, clearing agents say the cost of clearing containers at the ports has increased to an unbearable level due to the hike in the exchange rate, a development, according to Oladimeji Majekodunmi, that has almost eclipsed the gains of the flexible exchange rate window introduced by the CBN.
He said, “The moment CBN increases, Customs don’t have a choice than to adjust the new duty in their system. Now to clear a 40ft container of food items, it costs nothing less than ₦20 million and above. This was far below the amount we used to clear the same consignment before.” He said cargo throughput into the country has drastically dropped to about 30%, leaving the ports empty and dry.
He wanted the federal government to have a special exchange rate for the calculation of import duties, according to the National President of the National Council of Managing Directors of Licensed Customs Agents, Lucky Amiwero.
He said it would foster economic development and positively affect the larger Nigerian populace with a consistent, very manageable exchange rate for import duties. Amiwero felt a serious misgiving over the existing dependence on floating exchange rates for the purposes of calculating customs duty. He said that is one of the major factors jacking up prices of all goods, and not just foodstuffs, selling in all markets in Nigeria. “We want to draw the attention of the Federal Government to the harrowing experiences of Nigerians, more so with the astronomical rise in the prices of items due to the floating exchange rate, which was foisted on import duty computations, many of them. This is making importation come to a near standstill, stifling transportation and throwing such staples as grains and tubers into an abominable scarcity, particularly for those who are penniless and can’t buffer their existence from financial shock.”
Amiwero canvassed programmes that would eliminate the vagaries and ambiguities associated with the current exchange rate regime. He called for a stricter framework that would help to align the domestic
The MPC of the CBN meets on February 26, where most of these issues are expected to be resolved.
News
How Nnamdi Kanu sit-at-home order led to the killing of retired Judge – Witness

A prosecution witness in the ongoing trial of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu on Thursday, told a Federal High Court in Abuja that, Kanu’s broadcast led to the killing of a former Senior Special Adviser (SSA) to ex-President Goodluck Jonathan, Ahmed Gulak, and others.
In a recorded session played before the trial Judge, Justice James Omotosho, the prosecution witness, an official of the Department of State Services (DSS), led by Chief Adegboyega Awomolo, SAN, alleged that Kanu’s broadcast in which he ordered followers to “deal with” anyone violating his sit-at-home directive directly preceded the murder of Gulak on May 30, 2021.
The witness, the second so far called by the prosecution said, he was part of the DSS’ team that investigated the complaint made against Kanu by the then Attorney General of the Federation (AGF), Abubakar Malami, and that, the defendant’s broadcast also led to the killing of a retired judge, Justice Stanley Nnaji and an intending military couple, Sergeant Audu Lucas, Private Glory Matthew.
The witness said Kanu, in one of his broadcasts, ordered his followers to enforce a sit-in at home in all South-Eastern states, and as a result, many people who went out of their houses on that day were killed.
He said investigation revealed that Sergeant Lucas and Private Matthew were not only killed by those who were enforcing Kanu’s sit-at-home order, but they were also beheaded.
The witness said investigation also revealed that before killing Gulak, those enforcing the sit at home directive by Kanu, blamed him (Gulak) for coming out on a day their leader asked people not to go out of their homes.
Kanu, however, denied responsibility for the violence, insisting that his movement is non-violent and that IPOB cannot be involved in any criminality.
He admitted operating a radio programme but denied that his broadcasts led to killings in Lagos during the End SARS protests, arguing that Lagos is not within the Biafran territory.
The prosecution’s witness, codenamed PWBBB, claimed that the video evidence linked Kanu to violent acts, including the burning of police stations and the beheading of officers in Lagos.
Kanu said he was not directly involved in the day-to-day running of both organisations (IPOB and ESN), which he said were managed by their states’ coordinators.
The defendant also said, in the video, that he made broadcasts in respect of the End SARS protest and other broadcasts on Radio Biafra.
Kanu, who said he facilitated the establishment of ESN, explained that the organisation was necessitated by the killings of the people of the South East and faulted the invasion of his house by armed soldiers, which he said accounted for why he left the country for fear of being killed.
He argued that the invasion was unnecessary and also faulted the manner he was arrested in Kenya and brought back to Nigeria.
He said the protest in Lagos during the End SARS protest was outside the Biafran territory and that the destruction witnessed during the protest could not have been due to his broadcast.
Kanu said he does not have authority over his members, adding that if he had authority over them, he would not have subscribed to the referendum; he would have just pronounced Biafra into existence.
In the video, Kanu denied that IPOB is responsible for the violent attacks in some parts of the south east and the killings witnessed, adding that “IPOB is a peaceful movement. The IPOB is a non-violent movement.”
Defence counsel, Paul Erokoro, SAN, objected to the admissibility of the video, requesting time to consult further.
Following agreement by lawyers in the matter, Justice James Omotosho adjourned till May 14, 21 and 22, 2025 for further hearing.
News
Nigeria Needs To Focus on Local Solutions to Fight Poverty – Speaker Abbas

By Gloria Ikibah
Speaker of the House of Representatives, Rep. Tajudeen Abbas, has said the fight against poverty in Nigeria must start at the community level.
Representatives by the Chief Whip of the House, Rep. Isiaka Ibrahim, at the inauguration of a new House Committee focused on community and social development on Wednesday, Abbas stressed that real change will only happen when policies are designed to meet the everyday needs of people in towns and villages.
He also called on the government to create people-friendly programmes that reduce the gap between the rich and the poor.
The event, held at the National Assembly in Abuja, marked the official takeoff of the Committee on Community and Social Development Agency/NG-Cares. Abbas urged members of the Committee to approach their work with honesty and a genuine desire to help struggling Nigerians.
News
White smoke rises, new pope elected at Vatican +Video

By Francesca Hangeior
White smoke billowed from the chimney of the Sistine Chapel on Thursday, signalling that cardinals locked inside have elected a new leader for the world’s 1.4 billion Catholics.
Thousands of pilgrims and curious onlookers in St Peter’s Square cheered and applauded as the smoke appeared and bells began to ring, indicating the 2,000-year-old institution has its 267th pope.
All eyes now turn to the balcony of St Peter’s Basilica to see who has been elected to succeed Pope Francis, an Argentine reformer who died last month after 12 years as leader of the worldwide Church.
The new pontiff will be introduced in Latin with his chosen papal name and address the world for the first time.
He faces a momentous task: as well as asserting his moral voice on a conflict-torn global stage, he faces burning Church issues from the continued fall-out from the sexual abuse scandal to the Vatican’s troubled balance sheets.
Some 133 “Princes of the Church” from five continents — the largest conclave ever — began voting on Wednesday afternoon.
Sworn to secrecy, on pain of excommunication, their only means of communicating their progress to the outside world was by sending up smoke through the chimney of the Sistine Chapel.
On Wednesday evening and then again on Thursday lunchtime, the smoke was black, emitting disappointed sighs from the tens of thousands watching.
But on Thursday afternoon just after 6pm (1600 GMT) the smoke emitted was white, confirming that the Catholic Church has a new spiritual leader.
By tradition, he now enters the Room of Tears — where freshly-elected popes give free rein to their emotions — to don a papal cassock for the first time, before returning to the Sistine Chapel so the cardinals can pledge their obedience.
He will then appear on the balcony along with a senior cardinal, who will announce to the waiting crowds “Habemus Papem” (“We have a pope”).
The pope will then give a short speech and impart his first “Urbi et Orbi” (“To the City and the World”) blessing.
The election has come at a time of great geopolitical uncertainty, which was seen as a key voting issue, along with the rifts within the Church.
Francis was a compassionate reformer who prioritised migrants and the environment, but he angered traditionalists who wanted a defender of doctrine rather than a headline-maker.
Some 80 percent of the cardinal electors were appointed by Francis. Hailing from 70 countries around the world, it was the most international conclave ever.
That was no guarantee, however, that the cardinals would pick someone in his vein.
The question was whether to choose a pastor or diplomat, a liberal or conservative, someone versed in the Curia — the Church’s governing body — or a relative outsider from areas of the world where Catholic faith is thriving.
Before the cardinals were locked into the Sistine Chapel Wednesday, their dean Giovanni Battista Re urged them to choose someone able to protect the Church’s unity.
The next pope must also be able to lead “at this difficult and complex turning point in history”, amid raging conflicts around the world and the rise of ultra-nationalist parties.
The Church has also had difficulty in adapting to the modern world, with declining priest numbers and increasingly empty pews in the West.
The papal inauguration usually takes place less than a week after the election with a mass celebrated before political and religious leaders from around the world.
The new pope will likely do a tour of St Peter’s Square in his popemobile for the first time, before delivering a homily outlining his priorities.
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