•276 firms close shop
Following incessant review of the nation’s exchange rate by the Central Bank of Nigeria (CBN), which has seen the Naira exchange to the Dollar at N1,413.62/$1 from N1,356.883/$1 at the weekend
NIGERIAN TRIBUNE
Following incessant review of the nation’s exchange rate by the Central Bank of Nigeria (CBN), which has seen the Naira exchange to the Dollar at N1,413.62/$1 from N1,356.883/$1 at the weekend, investigations by the Nigerian Tribune have revealed that many importers have been forced to abandon their cargoes at the nations ports due to inability to clear them as a result of the very high Customs duty that has been slammed on these cargoes due to a skyrocketing and unpredictable exchange rate regime.
It would be recalled that the CBN on June 24, 2023, adjusted the exchange rate from N422.30/$1 to N589/$1 and on July 6, 2023, it was adjusted to N770.88/$1. On November 14, 2023, it was adjusted to N783.174/$1; on December 7, 2023, it was adjusted to N951.941/$1; on Friday, 2nd February, 2024, exchanged at N1,356.883/$1; while it currently changes at N1,413.62/$1.
According to data made available to the Nigerian Tribune by the Sea Empowerment Research Center, a group monitoring imports and export business in Nigeria, many of the cargoes being auctioned by the Nigeria Customs Service (NCS) are cargoes abandoned inside the ports due to very high clearance rate that was brought about by Nigeria’s rising exchange rate regime.
“It was a war zone,” he added.
According to Fatoba, he could hear the sound of gunshots behind him as he ran.
“People who said that I disappeared, I want them to know that it is a lie. I ran to the security guards that we put in that area because it had been a hotspot. I wanted to get to them,” he said.
He said when he got to one of the security guards, he asked him to shoot into the air but the gun jammed.
Fatoba further added that due to fear, the guards couldn’t come near them for a rescue operation.
When asked how the driver was not killed, he said, “They didn’t concentrate on the driver. He wore a shirt and had a small stature. They only collected the car key. They killed the others,” he said ruling out notions that he and his driver escaped with the aid of spiritual power.
The monarch added, “What happened was that they first came to me. Two came out from my right side and one from the left side. They came aggressively. The moment they collected the car key from my driver, they left him. He prostrated on the floor with his hands on the ground.
“As for me, I fought my way out and they shot. I heard the gunshots. God didn’t allow the shots to hit me. By the time I looked back, my colleagues were on the ground. I don’t know how that happened. Some cars that were behind us had to reverse.
“I was reading something on my phone at the time…
