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Nigerian Customs, Central Bank to meet banks over remittance default

Published

1 year ago

September 11, 2023

Days after its accusation of banks over remittance default, the Nigeria Customs Service (NCS) has revealed that only two banks were delisted as a result.

The Central Bank of Nigeria and other designated financial authorities had been notified of the defaulting institutions, according to the NBS, which added that talks between all parties were still underway.

ANW on Friday reported that NCS said it had de-listed defaulting first and second-generation banks from the Customs Duty Collection System. Amid allegations that the banks have refused to remit duties collected on behalf of the Customs Service to the designated accounts.

Customs spokesperson while addressing journalists on Sunday regarding the affected banks and the amount that they failed to remit, Abdullahi Maiwada said two Deposit Money Banks were affected.

Maiwada said, “On the amount involved, deliberately we didn’t disclose it. For the defaulting banks, there are two. As for the steps being taken apart from blacklisting the banks, it should be noted that before even blacklisting them, we had a thorough engagement with them.

“We are also in discussion with the banks, and I think that last week, we arrived at a very reasonable conclusion and they are ready to oblige and do the needful. So very soon they will be back on track. The banks are two of them.

“We are engaging with the relevant systems, including the Central Bank of Nigeria, to make sure that these things are resolved. However, it must be noted that the essence of that press release was not to bring down or tarnish the reputation of any bank.

“The essence was to sympathise with importers who were affected by the situation and the way out for traders who do not have any reason to suffer because of the inadequate or lack of competence of a particular institution.”

In Nigeria, custom taxes only apply to imports. The current Harmonized Commodity and Coding Standard is used to establish the rates, which vary for different commodities and frequently range from 5% to 35%. (HS code).

Related Topics:Central Bank of Nigeria Featured Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”