Economy
Nigeria Customs Service Commences $300 Duty-Free Import Limit
By Adedapo Adesanya
The Nigeria Customs Service Board (NCSB) has confirmed the commencement of the $300 duty-free limit for imports.
The spokesperson of the Nigeria Customs Service (NCS), Mr Abdullahi Maiwada, in a statement said the decision was reached at the board’s recent 63rd regular meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
Mr Maiwada said that the initiative, also known as De Minimis threshold, aims to stimulate cross-border e-commerce, minimise clearance delays and further consolidate Nigeria’s position as a regional leader in trade facilitation.
He said that the move aligns with the best global practices, aimed at simplifying clearance processes for low-value consignments, enhance trade facilitation and provide clarity for e-commerce stakeholders and travelers.
The spokesperson explained that the De Minimis threshold is the value below which imported goods are exempted from payment of customs duties and related taxes established by the national legislation, stressing that non-compliance to the directive would include forfeiture, arrest and other sanctions stipulated in the NCS Act, 2023.
“After a comprehensive review of similar practices across continents, the board approved $300 as Nigeria’s official De Minimis threshold.
“This exemption will apply to low-value imports, e-commerce consignments, and passenger baggage.
“The threshold, which is restricted to four importations per annum, aligns with Section 5(c and d), Section 158 subsections (5 and 6), other relevant provisions of the NCS Act, 2023 as well as international instruments.
“This include the World Trade Organisation (WTO) Trade Facilitation Agreement and the World Customs Organisation (WCO) Revised Kyoto Convention,“ he said.
He noted that under the new regulation, goods valued at $300 or less would be exempted from import duties and taxes, provided they are not prohibited or restricted items, adding that passenger merchandise in baggage not exceeding the same value would also be exempted.
According to him, the framework further ensures immediate release and clearance of eligible consignments without post-release documentation.
Mr Maiwada said that it also mandates strict enforcement measures against stakeholders who attempt to manipulate invoices or evade duty obligations, explaining that the NCS had established multi-channel help desk platforms to facilitate the smooth implementation of the De Minimis regulation.
“These dedicated channels are designed to serve as direct points of engagement for stakeholders, providing timely guidance on compliance requirements, addressing inquiries, and resolving complaints that may arise during implementation, “ he said.
He assured that the service remained committed to accountability, discipline and integrity in discharging its statutory mandate.
The spokesperson said that the NCS would continue to strengthen public trust and ensure that its personnel reflect the values of service, fairness, and national responsibility, saying this will done through its impactful reforms, transparent processes and strict enforcement of ethical standards.
Mr Maiwada noted that the board also deliberated on disciplinary cases presented during the session, following viral videos circulated recently on social media, showing acts of misconduct by some officers.
In line with that, he said that the board approved the demotion of two officers to the next lower rank, while also granting reinstatement to two officers whose cases were favourably reconsidered.
He said the sanctioned officers must undergo a mandatory medical re-evaluation by a medical board to determine their fitness to remain in the service and serve as a deterrent to other officers.
Mr Maiwada said that the board further issued a stern warning to all officers against the abuse of banned substances and other forms of unethical behaviour. He stressed that such conduct would not be tolerated under any circumstances.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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