The Nigeria Customs Service (NCS) has retracted its earlier announcement regarding the implementation of a 4% Free on Board (FOB) import charge. The agency has called on stakeholders to update their declarations to facilitate the smooth clearance of goods. In a statement issued by the National Public Relations Officer, Assistant Comptroller of Customs Abdullahi Maiwada, on behalf of the Comptroller-General of Customs, the NCS explained that the decision was made to ensure operational clarity, maintain consistency, and avoid potential disruptions in the clearance process. The statement urged all affected parties to promptly revise their entries using the designated customs processing…

The federal government has deployed a massive N12 trillion (approximately $8 billion) in market interventions to artificially prop up the naira, according to Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company. The temporary strengthening of the naira to N1,500 against the dollar masks significant underlying economic pressures and unsustainable market manipulation, Rewane revealed in a Channels Television interview on Friday. "We've actually spent almost $8 billion trying to support the naira at current levels," Rewane explained, highlighting how this short-term stabilization relies heavily on borrowed funds, including $4 billion in new bond issues, rather than organic economic growth. Rewane,…

Nigeria's currency in circulation has reached an unprecedented N5.24 trillion in January 2025, with an alarming 90.4% of this cash – N4.74 trillion – being held outside the banking system, according to latest Central Bank of Nigeria (CBN) data. This represents a dramatic 43.5% surge from January 2024's N3.65 trillion, highlighting growing concerns about the effectiveness of Nigeria's cashless policy and financial inclusion efforts. The amount held outside banks has similarly jumped by 44.5% from N3.28 trillion in January 2024. The year-long trend shows persistent growth in both metrics: Q1 2024 saw steady increases, with circulation rising from N3.65 trillion…

A British Army veteran and father-of-two has spoken of his gratitude to U.S. Vice President JD Vance for highlighting his conviction for silent prayer in a speech to world leaders in which the American leader warned that free speech is "in retreat" in Europe. Adam Smith-Connor was convicted last October of breaching an abortion clinic buffer zone in Bournemouth, England, by praying silently. He was given a two-year conditional discharge and ordered to pay £9,000 ($11,335). Addressing world leaders at a security conference in Munich on Friday, Vance drew attention to the 51 year old's conviction by saying "perhaps most…