Business
Exchange rate for customs duties collection rises to N1,618/$
The exchange rate for the Nigeria Customs Service (NCS) duties collection has risen to N1618.73/$ according to the latest figure from the service’s exchange rate portal.
This represents an increase of N18 from the previous rate of N1600.32 to the USD.
The current exchange rate for customs duties payment is the highest since 2nd March 2024, when the exchange rate for customs duties collection stood at N1630/$.
The increase in the customs duties exchange rate comes amidst the naira depreciating by 6.43% in the month of July and 6.43% in the month of July.
Data from FMDQ shows that the naira reached a four-month low in July, fluctuating between N1,500.32 and N1,621.12, surpassing the N1,600 mark.
This depreciation happened despite the Central Bank of Nigeria’s (CBN) attempts to address the official market’s liquidity issues through dollar sales.
In July, the CBN conducted at least three foreign exchange (FX) sales to authorized dealers and one sale to Bureau de Change (BDC) operators as the naira faced significant pressure.
This intervention from the CBN likely increased FX turnover on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window last month. Data from Nairalytics, the research division of Nairametrics, indicates that FX turnover in the official market rose by 30%, reaching $4.34 billion in July, up from $3.33 billion in the previous month.
In the first half of 2024, the Nigeria Customs Service (NCS) generated N2.74 trillion in revenues. This marks a 127% increase compared to the same period in 2023, despite a decline in cargo throughput. The rise in revenue occurred despite challenges such as foreign exchange rate fluctuations and reduced cargo transactions during the quarter.
In the first quarter of 2024, the Nigeria Customs Service (NCS) reported significant challenges due to fluctuations in the Central Bank of Nigeria’s (CBN) exchange rate regime for import duties, which have disrupted its operations.
The NCS noted that it had to use 28 different exchange rates for import duty collection during the first quarter, with about 13 different rates applied in March alone.
The Presidential Committee on Fiscal Policy and Tax Reforms had earlier recommended the exchange rate for customs duty collection be pegged to the benchmark exchange rate used in the 2024 appropriation act of N800/$ to assuage the pain of the business community.
Also, the Centre for the Promotion of Private Enterprise (CPPE) had asked the CBN to adopt a quarterly exchange rate for import duties collection to enable importers to plan their business activities.
Business
Air Peace Lagos-bound flight disrupted by bird strike in Abuja
Air Peace Lagos-bound flight was disrupted by a bird strike shortly before takeoff in Abuja on Thursday.
A bird strike is a collision between a bird and an aircraft which is in flight or on a takeoff or landing roll.
According to a statement by Ejike Ndiulo, its head of corporate communications, Air Peace said the flight from Abuja to Lagos took off around 6:30am.
“We wish to inform our esteemed passengers that our Abuja-Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally,” the airline said.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
A passenger, Inibehe Effiong, a Lagos-based human rights lawyer, took to his Facebook page to share his experience on the flight.
Effiong said the development threw some passengers into panic with the attendant screaming.
“While taxing on the runway and just before takeoff, our Air Peace flight from Abuja to Lagos scheduled for 6:30 AM today was stopped forcefully, resulting in panic and screams by some passengers,” he posted.
“The captain attributed the incident to a bird strike. We have been deboarded to await either a replacement or repair of the aircraft.
“Thankfully, whatever happened did not occur after takeoff. It would have been scarier.”
A few minutes later, Effiong posted that the faulty aircraft had been replaced and the passengers were already boarding preparatory to the Lagos trip.
On November 4, one of Air Peace’s flights heading to Abuja from Benin could not continue the trip due to a technical snag the aircraft encountered shortly after takeoff.
Business
Access Bank UK acquires majority stake in Mauritius’ Afrasia Bank
Access Holdings has announced that Access Bank United Kingdom (UK) has signed an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by assets.
In a statement on Thursday, Olakunle Aderinokun, head of media relations at Access Holdings, said Mauritius holds a strategic advantage, with the financial sector contributing 13.4 percent to the country’s gross domestic product (GDP).
He said the acquisition will provide Access UK with a robust platform to grow its personal and corporate banking operations.
“Furthermore, Access Bank will utilize Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond,” Aderinokun said.
“The transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise.
“At the end of its fiscal year ended June 30, 2024, Afrasia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.”
Roosevelt Ogbonna, chief executive officer (CEO) of Access Bank, said Mauritius offers immense potential as an international financial hub.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” he said.
“Mauritius offers immense potential as an international financial hub, and through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”
On his part, Jamie Simmonds, managing director of Access Bank UK, said Afrasia Bank offers the financial institution a sustainable platform for long-term profitability due to its strong balance sheet and reputable brand in Mauritius.
Simmonds said the deal aligns with the bank’s strategy to diversify and future-proof its earnings while enabling clients to access global markets easily.
On October 29, during a media parley, Ogbonna said the bank will continue to invest in other African economies as part of its growth strategy.
Business
NRC increases daily train trips on Abuja-Kaduna route to six
The Nigerian Railway Corporation (NRC) says it has increased the daily trips of its rail operations to six on the Abuja-Kaduna route.
The NRC spoke in a statement on Wednesday, signed by Yakub Mohmood, deputy director of public relations.
The corporation said the expansion is aimed at meeting the growing demand for train services on the route.
“The Nigerian Railway Corporation (NRC) in reaffirming its commitment to responding to customer demands, improving customer satisfaction and tackling complaints of ticket racketeering has increased the number of train services from 4 services to 6 services from Friday to Monday when demand tends to peak on its AKTS Route,” the statement reads.
“According to the Ag. Managing Director of the Corporation, Mr. Ben Iloanusi, a trend analysis over a five month period revealed a significant increase of 22% in the number of new passengers registering on the ticket platform to use the Abuja-Kaduna Service, signifying a surge in the number of Nigerians turning to the use of train services as a comfortable, reliable and safe option of commuting.
“NRC has observed similar trends on the Lagos-Ibadan, Warri-Itakpe and Port Harcourt-Aba routes and efforts are already ongoing to beef-up services along these routes as well.
“The Ag. MD assured Nigerians of the increased presence of Senior Management of NRC across all the train service routes to drive continuous efficiency and tackle the issue of ticket racketeering head-on.”
The corporation also encouraged customers to use its online ticket platforms to take advantage of the increased services and shun the patronage of ticket racketeers.
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