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Customs Intensifies War Against Smuggling, Intercept Goods Worth N1.6bn

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By Eric Elezuo

The Federal Operations Unit, Zone A of the Nigeria Customs Service (NCS), has continued to win the war against smuggling and smugglers as it recorded a landmark feat in less than one month, intercepting  goods with a total duty paid value (DPV) of N1, 461, 006, 823. 8 in addition to recovering the sum of N166, 207, 735. 25 from duty payments and demand notices on general goods from seaports, airports, and border stations through classification, transfer of value, and other forms of duty payment shortchange.

The revelation was made by the Controller, FOU, Zone A, Comptroller Mohammed Uba, during an interaction with the press at the Unit’s headquarters in Ikeja.

The Controller noted that cumulatively, the Service recovered a total of One Billion, Six Hundred and Twenty Seven Million, Two Hundred and Fourteen Thousand, Five Hundred and Fifty Nine Naira (N1, 627, 214, 559) within the period under review.

While asserting that there is no hiding place for smugglers, he outlined the intercepted goods to include Indian Hemp, 64 exotic vehicles, 6003 bags of foreign parboiled rice, 963 cartons of frozen poultry, 431 cans of vegetable oil, 163 bales of used clothing, 569 pieces of used tyre, 69 sacks of sugar among many other items.

Comptroller Uba stressed that the items were intercepted at different locations at different times within period March 19 and April 9, 2018. He noted that while the parcels and sacks of Indian Hemp were seized at the Olorunda axis of Ogun State, the sacks of 50kg rice were intercepted from Ilogbo, Abeokuta. All interceptions, he said, were based on credible intelligence report, adding that the seized Indian hemp will be handed over to the National Drug Law Enforcement Agency (NDLEA)

He maintained that all smugglers or would-be smugglers will sooner or later be caught, and so should desist from the act for their own good. He added that 10 suspects were arrested in connection to some of the seizures.

“Let me warn all smugglers or intending smugglers and their accomplices to desist from such trade malpractices and invest their money in legitimate businesses as the Unit has devised other operational modalities that will give them a run for their money… and land them in jail,” Uba said.

He expressed appreciation to the Comptroller-General of Customs, Col. Hameed Ali (Rtd), the management team of NCS and men and officers of the unit as well as sister agencies and the press for their various supports.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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