The Nigeria Customs Service (NCS) has further revised the foreign exchange (FX) rate for customs import duties and cargo clearance to N1,405.46 per dollar currently. The latest FX rate as reflected on the Service’s website represents the fifth consecutive time in the past two weeks, the rate had dropped. On March 15, the rate stood […]
The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase. The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11. According to the […]
In 2023, Nigeria’s total foreign trade increased to N71.88 trillion from N52.38 trillion recorded in 2022, representing an increase of 37.2% year-on-year (Y-o-Y) These figures were contained in the Foreign Trade in Goods Statistics (Q4 2023) report published by the National Bureau of Statistics (NBS) on Friday, March 8, on its website. The statistics agency […]
The Central Bank of Nigeria (CBN) at the weekend announced the pegging of the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. Specifically, the apex bank in a circular signed by its Director of Trade and Exchange Department, Hassan Mahmud, and posted on its website on Friday instructed […]
The Nigerian Maritime and Safety Administration (NIMASA) has commenced moves for the deployment of the Modular Floating Dock to the operational base as part of its current efforts to enhance port operations in the country. Already, the agency has moved the Floating Dock to a jetty at the Standard Flour Mills in Apapa preparatory to […]
Following the coming on stream of the Dangote Refinery a few weeks ago, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Dangote Group have set up a joint committee to harmonise the operations of the refinery in line with the provisions of the Coastal and Inland Shipping Cabotage Act 2003. The initiative was […]
The Nigerian Ports Authority (NPA) on Sunday successfully berthed the largest container carrier ever at the Lekki Deep Seaport, thereby taking Nigeria’s trade facilitation a notch higher. The vessel, MAERSK EDIRNE, measuring 367m in overall length, has a breadth of 48.2m and carried a Gross Registered Tonnage GRT of 142,131metric tonnes and a Dead Weight […]
Ogun State Governor, Prince Dapo Abiodun, has appealed to the Federal Government to approve the operation of the Remo Economic Zone as a Free Trade Zone in order to improve the state’s Gross Domestic Product (GDP) and the nation’s economic development. The governor, who made the plea when he received the Minister of Industry, Trade […]
To avoid a shut down of the nation’s maritime industry operations, the Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has intervened in recent faceoff between the Maritime Workers Union of Nigeria (MWUN) and marginal field operators of the oil and gas industry over non-compliance with stevedoring regulations. The NPA boss formally […]
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of Letters of Credit from 24 hours to five working days as foreign exchange (FX) scarcity continues to constrain business activities nationwide Also, the apex bank extended the timeline for the registration of Form M and NXP from 24 hours to two […]