Economy
Customs in Owerri Seizes Items Worth N4.7b

By Modupe Gbadeyanka
The Nigeria Customs Service (NCS), Federal Operations Unit Zone ‘C’ Owerri in the year 2016 recorded a giant stride in its anti-smuggling activities with the seizures of a total of 307 contraband valued at N4.7 billion.
In a statement issued by the Public Relations Officer, Onuigbo Ifeoma, the agency said the above figure is a combination of both the Duty Paid Value (DPV) of N3.9 billion and an underpayment recovered as revenue of N770.3 million.
The Controller of the Federal Operations Unit, Comptroller Mohammed, Uba G. who made this known while giving an annual report for the year 2016, said that the unit which has since driven many smugglers out of their illicit businesses consequent upon its sustained aggressive onslaught against smuggling; arrested a total of 234 suspects while 24 cases were still pending in court in connection with the seizures.
A breakdown of the prohibited items seized include: 169 motor vehicles with a DPV of N1.01 billion, cartons of narcotics (Indian hemp/hard drugs) with a DPV of N366.8 million and 1,759 pairs, 85 cartons and 68 sacks/bales of foot wears with a DPV of N28.2 million.
Others are: 7,795 soap/detergents/toiletries with a DPV of N58.9 million, 107,006 cartons of imported frozen poultry products with a DPV of N1.4 billion, 1,018 pieces and 561 bales of bags/suitcases which had a DPV of N134.9 million in addition to 5,794 rethread and used pneumatic tyres bearing a DPV of N97.6 million.
The rest are: 50 cartons and 147 pieces of beverages/confectionary/juices with a DPV of N3.2 million, 14,006 bags of rice which has a DPV of N447.8 million, 2,333 cartons and 1,598 pieces of furniture and parts thereof with a DPV of N173 million and 273 cartons of 2 litres of vegetable oil with a DPV of N9.8 million.
The unit said it also seized 1,089 pieces of machinery/mechanical appliances/parts which had a DPV of N7.8 million as well as 2,484 electrical/electronics/parts whose DPV stood at N3.9 million and 951 bales, 470 cartons and 18 sacks of other goods with DPV of N239.4 million as among other seizures made within the year.
This, the unit said was in contrast to the total seizure made in the preceding year (2015) which recorded a total sum of N2.8 billion comprising a DPV of N2.7 billion and an underpayment recovered of N129.6 million.
Comptroller Mohammed Uba said that the FOU zone ‘C’ would continue to strategize and re-strategize to bring smugglers, their agents and collaborators to their knees.
He regretted that the federal government had continued to lose huge revenue as a result of the unpatriotic activities of smugglers who are poised to acquire wealth through the short cut, and warned such individuals to desist forthwith in their own interest.
He also advised Nigerians not to use the global economic down turn as an excuse to ruin themselves and their families as the NCS would not entertain any sacred cow in its determination to make smuggling a thing of the past in the country.
Mohammed advised the youth to always preoccupy themselves with ideas and visions that could assist them realize their potentials as leaders of tomorrow instead of indulging in acts and conducts capable of impeding their success in life. He however advised Nigerians who are into genuine and legitimate business of buying and selling not to entertain any fear as the NCS would continue to be guided by the cardinal principle of justice, equity and fairness devoid of victimization or oppression in the discharge of her duties.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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