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CBN to Introduce Digital Currency Before Year-End

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CBN to Introduce Digital Currency Before Year-End

The Central Bank of Nigeria, CBN, has announced plans to launch its digital currency before the end of this year.

The apex bank has also intensified efforts through awareness fair for easy access to its various intervention funds.

The decision on digital currency was a major outcome of the Bankers’ Committee Meeting, where it also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks.

The Director of Information Technology of the apex bank, Rakiya Mohammed, disclosed this via a zoom press briefing after the Bankers’ Committee meeting.

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According to her, “officials of CBN have been exploring the digital currency technology for over two years. There are two types of currency, the notes and coins. The CBN digital currency will be a third type of currency. It will supplement the cash. Rather than carry cash about, you have the money in your phone.”

Read Also: More Nigerians Open to Digital Payments, Says Mastercard

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Customs Corner

Comptroller Olomu Takes Over Apapa Customs Leadership, Pledges Robust Stakeholders Engagement

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Author: Lucy Nyambi.

Comptroller Babajide Jaiyeoba has handed over the reigns of Apapa Area Command to Comptroller Babatunde Olomu following his retirement after 35 years of meritorious service.

In a handover ceremony held at the Command Headquarters on Monday, 6 May 2024, the Outgoing Customs Area Controller, Babajide Jaiyeoba, appreciated the Comptroller-General of Customs, Adewale Adeniyi, for considering him worthy to steer the affairs of Apapa Area Command.

He acknowledged the support of officers and men, attributing the command’s achievements to teamwork.

He said, “When I assumed office in September 2023, the assurances of support I received from officers and men on the ground strengthened me. I can boldly say all we achieved during my period are products of teamwork”.

“Between January and April 2024, the Apapa Command of NCS collected N672,172,624,033.03 as revenue for the federal government. We have set the ball rolling for the actualisation of our target, and the officers I am leaving behind are focused on this. My optimism is not misplaced because we have all proven to be tested and trusted”. He stated.

He explained that the command in April 2024 alone generated N182 billion, a record-breaking monthly collection in the history of the service.

Comptroller Jaiyeoba also acknowledged the cooperation of sister agencies and stakeholders. “We jointly worked to achieve our individual, organisational goals and collective interest of making Apapa port import and export friendly without undermining national security”.

The outgoing CAC solicited maximum cooperation from the incoming Customs Area Controller, describing him as a team player and result-oriented officer.

On his part, Comptroller Olomu promised to build on the successes of his predecessor.

He pledged to promote a robust customs community while also implementing all provisions of the Nigeria Customs Service Act 2023, the Common External Tariff, import and export prohibition guidelines and other instruction books as directed by the Federal Government.

He said, “While promoting a robust customs community relation system with regular interface with all government and private sector stakeholders, I shall upscale our enforcement with intelligence to ensure that only legitimate trade is allowed in Apapa Port and all the terminals within the command. Our tolerance level for smuggling of prohibited items, concealment and declaration for duty evasion shall be zero and shall remain so”. He added.

Stakeholders appreciated the outgoing CAC for standing by agents and facilitating cargo processes while pledging their support for Comptroller Olomu.

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Customs Corner

Nigeria Customs Launches Advance Ruling System for Effective Trade Facilitation

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Author: Muhammad Bashir.

The Nigeria Customs Service (NCS) has, in conjunction with the Nigerian Energy Support Programme (NESP), launched an auspicious scheme aimed at enhancing trade facilitation and creating a more transparent business environment for the Service’s stakeholders in trade space, named Advance Ruling.

Speaking at the venue of launching the project on Thursday, 2nd May 2024, at Envoy Avenue in Abuja, Comptroller-General of Customs Bashir Adewale Adeniyi described ‘Advanced Ruling’ as a critical mechanism that allows traders to obtain binding decisions from Customs administrations on the classification, origin, and valuation of goods before importation.

Appreciating the stakeholders and partners for gracing the event, CGC Adeniyi emphasised that the launched project will also serve as a tool for reducing compliance costs and fostering a conducive business environment for traders.

He said, “Today, we shall be taking the first step towards launching the Nigeria Customs Service Advance Ruling, starting with stakeholder engagement.”

The CGC, who recognised the significance of the project, as it aligns with the World Customs Organization (WCO) and the World Trade Organization (WTO), also emphasised its relevance in facilitating both domestic and international trade while also promoting Customs compliance.

“According to the WCO and the WTO, Advanced Ruling enhances predictability and transparency in customs procedures, streamlining trade processes and minimising delays, uncertainties, and costs associated with Customs clearance.” CGC Adeniyi added.

Commending President Bola Ahmed Tinubu for laying the ground to enhance the economy of Nigeria and supporting the Service, CGC Adeniyi emphasised that the launch of Advanced Ruling at this time aligns with the policy directive of President Tinubu’s administration to facilitate trade for legitimate traders.

He highlighted, “This is reflected in the Policy Advisory Document of the government, which signifies recent achievements, such as the approval to decongest the ports and make them free and accessible for importers and operators.”

As the Comptroller-General of Customs championed the laying of a foundation for Advance Ruling to enhance trade in Nigeria, he revealed that the Service has made all arrangements to conduct workshops and sensitisation sessions at Customs Area Commands to ensure that all stakeholders are well-informed and prepared to utilise this new mechanism effectively.

He, however, applauded the German International Cooperation Agency (GIZ) and other partners for their unwavering partnership and continued support of achieving a significant milestone in trade facilitation activities under the Nigeria Energy Support Programme.

“It is essential to acknowledge that initiatives like Advanced Ruling necessitate investments in capacity building for both officers and stakeholders. We are committed to leveraging our internal capacity while exploring collaboration opportunities with external partners like GIZ.” He said.

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Customs Corner

Comptroller Chana Re-echoes Commitment to Implementing Government Policies in Kano Free Zone

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Author: Vivian Daniel.

The Customs Area Controller of Kano/Jigawa Command, Comptroller Dauda Chana, has reiterated the commitment of the Service to facilitate genuine trade without compromising government policy, especially as they affect special economic areas like the Kano Free Trade Zone.

This was conveyed in a press statement signed on 25 April 2024 by the Superintendent of Customs, Public Relations Officer of Kano/Jigawa Area Command, Saidu Nuraddeen.

The Customs Area Controller, Comptroller Dauda Chana, noted that the government revenue through the operations of the Kano Free Trade Zone is untrue and has strategically positioned Officers to ensure due diligence is carried out in the management of finished products within the zone or from any of the excise factories under its watch.

He stated that those who accused Officers and Men of the Nigeria Customs Service (NCS) of illegalities succeeded in displaying ignorance about the activities of the Service, especially in the areas of Duty, Import and Export processes and the laws guiding trade activities in the Free Trade Zones.

He further emphasised that the Kano/Jigawa Command recorded N613,369,204.81 between January and April 2024, as against N132,436,766.00 in 2023, which indicates an increase in revenue generation.

The CAC seized the opportunity to remind the general public that the Nigeria Export Processing Zones Authority (NEPZA) regulates the zone’s activities.

He added that unless there is an intention of exporting to Customs territory, NCS Officers do not interfere with the Zone as it ensures the prevention of smuggling and duty evasion within all its areas of jurisdiction. According to him, records are always taken for proper duty collection and calculation.

Comptroller Chana reminded that the NCS is not the only government organisation in the Zone while restating that the Command will stop at nothing to adhere strictly to the law and defined rules of engagement.

“In the Free Trade Zone, there are productions taking place, there are manufacturing taking place, and the end product of all these are finished products, and for these to go out, duties are paid.” The CAC noted.

“It is also good for the public to know that goods or raw materials locally sourced are duty-free as well as exportation,” he stated.

The CAC gave more insight into the processes involved during the clearance of goods while exonerating the Officers and Men of the Service of any allegations of connivance with business owners.

“Let it also be on record that the process of clearance involves many stages, and we even have a unit domiciled in every Command that checks after clearance of goods cleared for anomalies, so no officer can connive because the documents are all intact to show what transpired. This makes the allegation of compromise baseless,” he opined.

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