Business
Licensed Customs Agents Seek Clarification on Commencement Date of Zero Duty
We noticed a serious conflict between the date of the implementation of the Presidential Order, and the Ministers of Finance’s Circular
Wale Edun, Minister of Finance
The National Council of Managing Directors Of Licensed Customs Agents (NCMDLCA) says that the Presidential Order on Inflation Reduction and Price Stability conflicts with the Minister of Finance Circular on zero duty rate on basic food items.
” We request that the conflict of Presidential Order on Inflation Reduction and Price stability (Fiscal policy measures, etc) Order 1st May 2024 and the Minister of Finance Circular F17417/VI/T/6 of 8th August that was backdated to 15th of July, should be clarified,” said Lucky Eyis Amiwero, National President of NCMDLCA.
NCMDLCA in a letter to President Bola Tinubu, dated September 4, said: ” We hereby bring to the attention of the Federal Government of the two circulating instruments of the Federal Government with conflicting date of implementation and description of Fiscal Policy content.
We noticed a serious conflict between the date of the implementation of the Presidential Order, and the Ministers of Finance’s Circular, while the Presidential Order gave the date of commencement as 1st of May 2024, the Minister of Finance’s Letter was backdated to 15th July 2024 as the Commencement date, while the Finance Circular was dated 8th of August which was received by the Nigeria Customs Service on the 13th August and issued to the Trading public on 14th August by service
The area of concern to the Trading public is whether the Minister of Finance drew its strength from the Presidential Order, approved by the President that is, the Inflation Reduction and Price Stability (Fiscal policy measure, etc) order, 2024, which is supposed to commence on the 1st May 2024, or the President issued a fresh order and suspend the Order that has been signed because nothing is said on the Presidential Order that has been in circulation before the Minister’s Circular and Customs implementing circular
Furthermore, the date of the Minister’s Circular was backdated by almost one(1) month, which is not in line with the Trade Facilitation Agreement (TFA) Nigeria being a contracting party to the Agreement, which states, in Article 2: opportunities and appropriate time period shall be provided to traders and other interested parties on new or amendment laws and regulations of general application.
Related to the movement, release, and clearance of goods, including goods in transit, are published or Information on then, giving enough time to be made otherwise publicly available, as early as possible before they entered into force, to enable traders and other interested parties to become acquainted with them.
Amiwero said that the clarification is very important to eliminate the use of dollarizing the domestic market and to stabilize it for consistent, predictable, and transparent transactions.▪︎
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428
GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.7
8EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1370.00
GBP / NGN ₦1803.95 ₦1871.77
EUR / NGN ₦1537.93 ₦1601.81
ZAR / NGN ₦82.28 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,364.90
GREAT BRITISH POUND (GBP) ₦1,842.61
EURO (EUR) ₦1,575..50
SWISS FRANC (CHF) ₦1,684.02
JAPANESE YEN (JPN) ₦8.57
CHINESE YUAN (CNY) ₦202.34
WEST AFRICAN CFA (XOF) ₦2. 40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60
SOUTH AFRICAN RAND (ZAR) ₦84.31
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,423 Sell ₦1,428
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
Official CBN Exchange Rates
US Dollar (USD) ₦1,360. 14
Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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