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Customs records daily revenue of N16bn in Apapa port

Despite the everyday adjustment of the exchange rate on import by the Central Bank of Nigeria (CBN), the Apapa Command of the Nigeria Customs Service…

Despite the everyday adjustment of the exchange rate on import by the Central Bank of Nigeria (CBN), the Apapa Command of the Nigeria Customs Service says it recorded an all-time high daily revenue collection of N16 billion on Friday, February 23, 2024.

This beats the existing daily revenue collections of N11.3 billion of November 23, 2023 by 29.4 per cent.

CBN had adjusted the customs exchange rate on imported consignments over five times in February 2024, on their Import and Export (I&E) window.

Customs Area Controller (CAC) of the Command, Comptroller Babajide Jaiyeoba, who disclosed this, described the feat as one of the expected fallouts of the many strategies put in place to facilitate trade and boost revenue collection at Nigeria’s premier seaport.

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He said there have also been more regular stakeholder engagements between the command, sister government agencies, importers, exporters, terminal operators, and all others involved in the cargo clearance and supply chain.

The Apapa Command collected N1.17 trillion in revenue representing 32% of the service’s 2023 revenue generation target of N3.67 trillion to maintain its cash cow status.

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