FOREX: Importers Groan As Customs Raise Exchange Rate To N589.45/$1   From today, June 26, 2023, importers will pay more import duty for the clearance of their cargoes at the nation’s seaports as the Central Bank of Nigeria (CBN) has increased the official exchange rate used...

Importers To Pay N300bn Freight Rates On Foreign Rice To Nigeria, Others     Foreign rice importers will pay a total of N300 billion ($579. 75million) to shipping lines as freight rates by the end of this year. The rice importers, who are expecting their consignments from Thailand...

Shipment: FG Loses N5bn Revenue To Importers Through Wrong Declaration     The federal government has been advised to return the Standard Organization of Nigeria, (SON) to the ports in a bid to ascertain the difference between raw materials and finished goods imported into the country under...

Customs Recover N426m Unremitted Revenue From Importers       The Nigeria Customs Service (NCS) has recovered N426 million revenue that was not remitted by some importers at the Lagos Port Complex. The Coordinator of the Strike Force of the Comptroller General, Deputy Comptroller, Ahmadu Shuaibu, who stated this...

Exporters, Importers’ Woes Worsening At Ports - LCCI       Port operations at Apapa and Tincan ports have worsened the plight of many importers, exporters, traders, and manufacturers as movement in and out of the ports remain a challenge, the Lagos Chamber of Commerce and Industry said...

Importers Lose N2.8trn To Irregular Import Procedures       Importers and exporters have continued to count losses to the inefficiencies at Nigerian seaports, as the Shippers’ Association Lagos State (SALS), estimated that operators lost an average of N2.8 trillion to irregular import procedures last year. This is further...