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CBN Further Slashes Cargo Clearance Exchange Rate From N1593.41 To N1572.50

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The Central Bank of Nigeria (CBN) has reduced the exchange rate for cargo clearance at Customs area command to N1572.50 from N1593.41 just two days ago. This represents a drop of N20.91 in just a few days.

In the past few days as the naira stabilises around N1500 to N1650, the exchange rate for customs cargo clearance has mirrored the prevailing official market rate.

It was gathered that the Naira closed at N1560.57/$1 on the official window while that of the parallel market stood at N1600 to the USD.

The difference between the closing of the Naira on the official window and the recent customs cargo clearance rate is just N11.93 justifying the CBN’s action using the official market rate to determine the cargo clearance rate.

The exchange on the official market in recent times has almost converged with that of the parallel market further solidifying the CBN’s forex market unification reform of June 2023.

While there have been fluctuations in the exchange rate for cargo clearance in recent times following the devaluation, the CBN has clarified the confusion faced by the business community in a circular stating that the exchange rate on the date of creating Form M should be used for import duty assessment.

It stated, “To this effect, the Central Bank of Nigeria wishes to advise the Nigeria Customs Service and other related parties to adopt the FX rate on the date of opening the Form M for importation of goods, as the FX rate to be used for import duty assessment. This rate remains valid until the date of termination of the importation and clearance of goods by the importers.”

The Comptroller General of the Nigeria Customs Service (NCS) had earlier stated that the service does not fix the exchange rate but the duty of the apex bank.

BIG STORY

Banky W Survives Fourth Surgery, Says “Final Score: Christ 4-0 Cancer Tumors” [VIDEO]

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Nigerian popular R ‘n’ B singer, Olubankole Wellington, popularly known as Banky W, has successfully undergone a fourth cancer surgery.

The “Made For You” crooner, In a heartfelt post on his Instagram page on Thursday, expressed gratitude to God for his recovery.

Banky W thanked his wife, family, friends, and pastors for their unwavering support and prayers, as well as his medical team, Dr. Onyewu and Dr. Adenuga, for their expertise and care.

“Sometimes, your faith in God will not prevent the storms from coming… but it will carry you through them. Faith won’t always stop you from hurting, but it will help you heal, and it will help you deal.

“God never said the weapons wouldn’t form, He promised that they wouldn’t prosper. He never said the enemy wouldn’t come… He promised that when the enemy comes in like a flood, the Spirit of God would raise a standard against him.

“Posting this testimony to encourage anyone out there who is going through a challenge. It might seem bigger than you, but greater is He that is in you than anything you will face in this world.

“Grateful for my wife, family, friends, and Pastors for their love, prayers, and support. Thanking God for my health and trusting that this latest victory is final in Jesus’ name.

“Appreciating the gifted hands and minds of my doctors, Dr. Onyewu of the Center for Advanced Specialty Surgery, and Dr. Adenuga of Euracare and the teams that support them.

“We have the victory yet again. Now and forever, in Jesus’ name.

“And we know that all things work together for good to those who love God, to those who are the called according to His purpose.” – Romans 8:28″

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Nigerians Blast Sky Sports For Excluding Ademola Lookman In Europa League Graphics

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Nigerians have expressed anger and disappointment after a British media outlet, Sky Sports, omitted Super Eagles forward, Ademola Lookman, from a graphic celebrating Atalanta’s Europa League victory.

Lookman made history on Wednesday night by becoming the first player to score a hat-trick in a UEFA Europa League final.

The omission has sparked outrage, with many calling out Sky News for their oversight.

Lookman’s Atalanta stunned Bayer Leverkusen 3-0, ending the Bundesliga champions’ 51-match unbeaten run in all competitions.

This was also Atalanta’s first-ever UEFA Europa League title and their first major title win since 1963.

Lookman was the star of the night, scoring his third goal of the game in the 75th minute.

Lookman’s first-half brace made him the first African to score two goals in the final of a major European competition before he added a historic third.

Sky Sports posted an image on its X handle on Wednesday evening with the caption “BREAKING: Atalanta have WON the Europa League after beating Bayer Leverkusen 3-0 in the final in Dublin”. However, the image only included Gianluca Scamacca and Teun Koopmeiners.

The post has been bashed on the internet, especially on X.com, for excluding Lookman, who scored all three goals.

Nollywood actress, Nse Ikpe-Etim, who tweets as @NseIkpeEtim, said, “This is shocking. Ademola Lookman scores a beautiful hat-trick and you couldn’t bring yourself to use an image of his. Sure you can do better.”

Also, investigative journalist, Fisayo Soyombo, tweeting with the handle @fisayosoyombo, said, “Nigerian footballer Ademola Lookman, who scored all three goals that fetched Atlanta the trophy did not make it to your cover photo? All of you @SkyFootball are collectively an unbelievable joke!”

A photojournalist who tweeps with the handle @PoojaMedia, said, “You are reporting the final without the history maker. Reason we’ve to hype our own to heavens but de@d heads will be dragging us. Una see now?”

Another X user, @Xandyy_Jay, said, “The whole world condemns this act. You can do better. Ademola Lookman should be the first person here. Why are you so biased?

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BREAKING: Bill Seeking Return To Old National Anthem Passes Second Reading At Senate

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The House of Representatives on Thursday passed for a second reading a bill seeking a return to the old national anthem.

Leading the debate on the general principles of the bill, the sponsor of the proposed law, Julius Ihonvbere, anchored his argument on the need for patriotism and nationalism.

In his contribution, Chinda, a member of the Peoples Democratic Party noted that the old national anthem was a colonial heritage which should not be considered in a post-independent Nigeria.

His argument was supported by the member representing Jere Federal Constituency, Borno State, Mr Ahmad Satomi.

Another Borno lawmaker, Ahmed Jaha, however, supported the bill arguing that the the wordings in the new anthem are verbal expressions that have no substance in the affairs of the Nigerian State.

 

More to come…

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