Stay updated with breaking news from Nigerian Export Proceed. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The Nigeria Customs Service (NCS) says the prevailing exchange rate set by the Central Bank of Nigeria (CBN) determines its rates of import duty collection and not market forces. The Spokesperson of NCS, Abdullahi Maiwada, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. Maiwada said that importers
There are strong indications that Nigeria’s efforts to claw back some of the foreign-exchange earnings lost to falling oil prices are causing delays in exports ranging from cocoa beans to cashew nuts, and adding to a problem the central bank sought to address in the first place. Nigeria is the world’s fifth-biggest producer of cocoa beans, a key ingredient in chocolate. As Africa’s largest economy, it also fell into a recession last quarter. A Bloomberg report Friday quoted Pius Ayodele, president of Cocoa Exporters Association of Nigeria, as saying that about 100,000 tons of cocoa bean...