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Nigeria’s forex reserves rises to $41b

Nigeria’s foreign reserves has reached $41 billion, highest point since December 2021, sparking cautious cheers in Abuja, the seat of government. To put it simply, foreign reserves are the country’s emergency savings, mostly in dollars, used to pay for imports like fuel, machinery, and food. Hitting this level is a sharp turnaround from late 2024…

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Customs, Shippers’ Council partner on B’Odogwu’s smooth operation

The Nigeria Customs Service (NCS) has started consultations with the Nigerian Shippers’ Council (NSC) to address operational hitches arising from the rollout of the trade automation platform, the Unified Customs Management System, popularly known as B’Odogwu. This consultation is a response to freight forwarders and Licensed Customs Agents concerns over delays, demurrage, and disruptions linked…

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Customs tasks airline operators, passengers on currency declaration

The Nigeria Customs Service (NCS), in collaboration with other law enforcement and regulatory agencies, has held a sensitisation exercise for international airline operators at the Nnamdi Azikiwe International Airport, Abuja in a proactive move to strengthen Nigeria’s anti-money laundering efforts. .The session, the Service said, aimed to increase awareness on the importance of enforcing Nigeria’s…

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