Index to Nigerian Newspapers

The Nigeria Customs Service, Apapa Area Command, has achieved a historic milestone in October 2025 by generating N304 billion in revenue, marking the highest monthly collection recorded by any customs command. This represents an increase from the N264 billion collected in October 2024, bringing total revenue for the first 10 months of 2025 to N2.4 trillion, which surpassed the entire revenue of 2024 two months before year-end. Comptroller Emmanuel Oshoba attributed this achievement to increased efficiency, officer dedication, and technological advancements in trade facilitation. He announced a forthcoming "drive-through scanning" system projected to process 150 containers per hour, reducing clearance time and enhancing transparency, thereby boosting investor confidence. Furthermore, targeting improvements in port operations, Oshoba has conducted unannounced visits to engage stakeholders to speed up cargo evacuations and emphasized a collaborative approach with the Nigerian Ports Authority to enhance the effectiveness of the Apapa Port, which is vital to Nigeria's import economy. He confirmed that efforts would continue to prevent revenue losses and ensure compliance among importers.

The Federal Government through the Central Bank of Nigeria, has commenced payment of outstanding matured FX forwards owed to various creditors, The PUNCH reports. A source familiar with the development confirmed the payment on Thursday. Meanwhile, unconfirmed sources said three banks received full payment of debts owed. The banks are Citi Bank, Stanbic IBTC and Standard Chartered Bank. The amount of overdue forward payments is estimated at $6.7 billion, according to the Minister of Finance, Wale Edun. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux De Change operators, who spoke to The PUNCH stated the naira was recovering well after making a quick recovery from N1,170/dollar in the morning to close trading at N1,120/dollar. However, there are commercial banks in the system that are not happy with the CBN because they have yet to receive any credit alert. Sources at the CBN who spoke to The PUNCH unofficially said, "The banks who have not received payments are grumbling, alleging that the Apex bank has denied them of their rights."