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CBN to End Forex Sales to Commercial Banks in 2022

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Author: Eunice Johnson, Abuja 

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

 

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Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

 

Read Also: CBN Encourages Nigerians to Accept E-Naira

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Customs Corner

Customs MMAC Surpasses Revenue by 111.7%, Intercepts Donkey Genitals, Others Worth N5.7b

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Author: Femi Anamelechi.

The Nigeria Customs Service, Murtala Muhammed Airport Command has raked in a total sum of N45,232,483,538 as revenue for the 1st quarter of 2024, indicating a 111.7% increase when compared to the N21.3 billion collected in the 1st quarter of 2023.

While briefing newsmen at the command on Monday, 8th April, 2024.
The Customs Area Controller, Comptroller Mohammed Yusuf, noted that the Command remains resolute in meeting its revenue target despite daunting challenges.

He said, “2024 is fraught with numerous global challenges, and Nigeria is not exempted; important sectors of the economy are adversely affected due to the unstable exchange rate.

“However, for us in the Nigeria Customs Service, Murtala Muhammed Airport Command remains resolute at ensuring that we collect the much-needed revenue for the Federal Government and also ensure the safety and well-being of the citizenry through curbing smuggling to its barest minimum while facilitating legitimate import and export trades”.

On Anti-Smuggling, the CAC stated the command recorded an appreciable increase in its anti-smuggling drive, which led to the interception of fifty 50 pieces of 9mm live ammunition, discovered in a joint examination conducted by the Service and the National Drug Law Enforcement Agency (NDLEA).

The items seized in the first quarter include 1,164kg of sea cucumbers, 58kg of donkey genitals and 17 packages of Tramadol, with a cumulative Duty Paid Value (DPV) of N5,794,099,371.12k.

According to Comptroller Yusuf, “all the seized items contravene some of the provisions of extant laws as enshrined in the Nigeria Customs Service Act (NCS Act) 2023.”

Regarding stakeholder engagement, the Area Controller said the Command has maintained its open-door policy and resolved many issues of common interest with concerned stakeholders.

He appreciated critical Stakeholders and Sister Agencies for their collaborative efforts and synergy. At the same time, the command carried out its statutory mandate in the state, also urging officers and men of the command to remain focused and steadfast in discharging their assigned responsibilities.

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Customs Corner

Apapa Customs Collects N489b in First Quarter, Assures of Meeting N2trn Target for 2024

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…..As Comptroller Jaiyeoba Harps on Benefits of Compliance

Author: Lucy Nyambi.

The Nigeria Customs Service, Apapa Area Command, has collected N489,614,095,022.15 as total revenue for the first quarter of 2024, which is over a hundred per cent higher than the N212.5b collected for the same period of 2023.

This was contained in a press release issued by the Command’s Public Relations Officer, Chief Superintendent of Customs, Abubakar Usman, on Saturday, 6 April 2024.

The Customs Area Controller (CAC) of the Command, Comptroller Babajide Jaiyeoba, described the Command’s first quarter collection as a bold step towards the realisation of the target and reminded all port users about the importance of compliance, which, according to him, comes with multiple benefits.

According to him, the almost N2trillion target the Command is expected to collect in 2024 is attainable through diligently abiding by the service books of instructions like the Nigeria Customs Service Act (NCSA) 2023, government import/export prohibition lists, Common External Tariff and Federal Government approved Standard Operating Procedures (SOP).

The CAC commended the Officers and port stakeholders for their cooperation towards attaining the laudable feat and called for sustained compliance by government and private sector stakeholders.

Jaiyeoba said, “I want to urge all stakeholders in Apapa Port to keep supporting us in achieving an efficient system where everyone plays by the rules to achieve smoother, seamless, and faster import/export cargo clearance”.

“I will continue my weekly engagement of stakeholders at various levels to sustain the tempo of our achievements and consolidate on the gains from regular enlightenment of every member of the port community.” He added.

He reminded them that the Apapa Command of the NCS is playing a critical role towards the realisation of the N5.7tr annual target of the NCS in 2024, and as such, all hands should be on deck to achieve it.

Comptroller Jaiyeoba emphasised that the present customs management has created room for multiple benefits for those who operate in compliance with the rules. He stated that the recently launched AEO is one of such benefits.

“Making honest declaration puts the declarant at a vantage position to have a credible reputation and enjoy the benefits of earned integrity such as fast track and possible migration to the authorised economic operator(AEO)”.

“Such attitude of compliance saves time and money as examination officers would find the cargo less cumbersome to process, and other service units, including sister government organisations, would not need to flag such cargo for seizure or arrest of the importers/exporters. The cargo gets cleared on time, and payments for penalties after demand notices are not necessary as no DN is issued on compliant import/export. ” The CAC emphasised.

While thanking the Officers for their punctuality, diligence, and non-compromise in discharging their responsibilities, Jaiyeoba reminded them of the CGC Bashir Adewale Adeniyi and Customs Management confidence vested in them.

He expressed optimism for better performance in the second quarter of 2024, saying, “As we step into the second quarter to end the first half of 2024, I am convinced we will do better in revenue collection, facilitate more trade through our port and prevent smuggling under any guise.”

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Customs Corner

We’re Committed To Support President Bola Tinubu’s 8-Point Agenda – CGC Adeniyi

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Author: Muhammad Bashir.

The Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi MFR, says he is committed to supporting the growth of the non-oil export sector in alignment with President Bola Ahmed Tinubu’s administration’s priorities.

CGC Adeniyi made this known during a quarterly press briefing at the Nigeria Customs Service Headquarters in Abuja on Wednesday, 3 April 2024.

The CGC, who applauded President Tinubu’s decision to reopen the Northern Borders with Niger Republic, said the action will boost trading activities in those areas.

He stated, “NCS is unequivocally committed to supporting the actualisation of the 8-point agenda of the President Tinubu-led administration.”

According to him, this commitment is demonstrated through both direct and indirect contributions to key areas such as economic growth, improved security, upholding the rule of law, and fighting corruption.

“Noteworthy achievements include strengthening economic growth through optimal revenue collection to support government allocations to vital sectors, alongside the implementation of efficient trade facilitation measures,” CGC Adeniyi said.

He maintained the NCS’ plan to integrate technology across its areas of operations to ensure transparency and accountability, addressing critical aspects of the 8-point agenda.

On the prevailing issue of food scarcity in the country, CGC Adeniyi said that NCS has prioritised food security in response to a presidential directive.

“This initiative is evidenced by the distribution of food items to vulnerable members of society, commencing in Lagos, Kano and extending to other parts of the country to address urgent societal needs,” he said.

However, he reassured the public that transparency and accountability would remain paramount under his leadership, fostering trust and confidence in the Service.

The CGC urged Nigerians to continue offering their support and cooperation as the Nigeria Customs Service strives to facilitate trade, ensure security, and uphold the rule of law.

“We have the capacity to surmount obstacles and realise our shared objectives for a brighter future. In essence, today’s briefing underscored our persistent efforts to strengthen border enforcement, streamline trade, and foster economic advancement,” he stated.

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