Business

IMO Joins AACE To Boost African Trade

Published

2 years ago

December 5, 2024

OCHEFA

521 Views

International Maritime Organization (IMO) has joined States of the African Alliance for Electronic Commerce (AACE) to support work on ‘The Role of Single Windows and Digitalization in Boosting African Trade.

The members of AAEC are: Burkina Faso, Cameroon, Djibouti, Cote d’Ivoire, Gabon, Mauritius, Kenya, Libya, Morocco, Madagascar, Mali, Mozambique, Nigeria, Republic of Congo, Senegal and the WAEMU Commission.

This was disclosed by the Organization at a workshop held in Casablanca, Morocco (4 December). During the workshop, the participants learned about the 2022 amendments to IMO’s FAL Convention, which now mandates the electronic exchange of mandatory data in ports for the completion of formalities.

Since 1 January 2024, all IMO Member States are required to use a centralized digital platform or ‘Maritime Single Window’ to collect and exchange information with vessels when they dock at ports.

The workshop will boost States’ ability to implement a MSW, which aims to significantly reduce time and costs associated with port procedures and thereby enhance the efficiency of shipping worldwide.

The workshop was organized by the AACE in partnership with the Moroccan Single Window, Portnet SA.

Business

Naira Exchange Rates To Foreign Currencies, Friday 26,June 2026

Published

4 hours ago

June 26, 2026

OCHEFA

21 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380. 11

GREAT BRITISH POUND (GBP) ₦1,818.34

EURO (EUR) ₦1,566.84

SWISS FRANC (CHF) ₦1,698.80

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202. 99

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38

SAUDI RIYAL (SAR) ₦367.54

SOUTH AFRICAN RAND (ZAR) ₦83.65

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Naira Exchange Rates Thursday 25 June 2026

Published

1 day ago

June 25, 2026

OCHEFA

34 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380.08

GREAT BRITISH POUND (GBP) ₦1,815. 63

EURO (EUR) ₦1,566.63

SWISS FRANC (CHF) ₦1,696.05

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202.62

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54

SAUDI RIYAL (SAR) ₦367.58

SOUTH AFRICAN RAND (ZAR) ₦82. 91

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Dangote Refinery Dismisses Claims of Fuel Re-Importation from Togo

Published

2 days ago

June 24, 2026

Charles Flames

51 Views

Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.

In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.

The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.

The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.

Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.

Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.

The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.