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LCCI Commends CBN’s Foreign Exchange Measures

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The Director General of
Lagos Chambers of Commerce and Industry (LCCI), Mr Muda Yusuf, has commended the Central Bank of Nigeria (CBN) for its effort to reduce the pressure on the foreign exchange market.
He gave the commendation in an interview with newsmen Thursday in Lagos.
The CBN,on June 24, stopped the sales of foreign exchange from official sources to importers of rice, private jets, textiles, tomato paste, poultry products and 35 other times.
The CBN said that the implementation of the policy would help to conserve foreign reserves and facilitate the resuscitation of domestic industries as well as generate employment.
Yusuf said that the development showed that the apex bank was concerned about the pressure on the foreign exchange market which had led to the devaluation of the naira.
He also said it was obvious that the nation needed to moderate the demand for foreign exchange and boost the country’s external reserves.
Yusuf ,however, said that items on the list of products excluded from the foreign exchange market should be reviewed, adding that some “are intermediate products in which the country has limited domestic production capacity”.
‘’An example is the iron and steel products which are critical for use in the construction sector, housing and development of infrastructure,’’ he said.
Yusuf said that situation could pose the risk of widening gap between inter-bank forex and parallel market rates which could lead to round tripping of foreign exchange.
‘’This structure of pricing is fraught with a lot of abuse and corruption; this is a major problem to watch out for in this new policy.’’
The LCCI boss said that improved productivity and competitiveness in the economy should be encouraged, while issue of high cost of production needed to be urgently addressed.
He suggested that the nation’s industrialisation strategy should be anchored on the key principles of competitive and comparative advantage.
Also a former CBN Director, Mr Titus Okurounmu, said that the situation in the foreign exchange market demanded that the CBN continued to rationalise foreign exchange resources.
Okurounmu said that the drop in the foreign reserves might continue as the nation was not generating much from the sale of crude oil at the international market.
He said that importers would continue to find ways to bring the affected items into the country until the nation was self-sufficient.
The former researcher advised that the Federal Government should ensure that the country moved away from being an import-dependent nation to export-dependent nation.
“It is not just about denying importers the access to foreign exchange from the CBN, the government should also ensure that the nation’s refineries work.
‘’Once the government is able to generate power for electricity, then manufacturers would regain confidence in the system and the situation changes.
‘’The situation at the forex market is a reflection of the situation in the whole economy,’’ he said.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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