Business
Nigeria Customs Set for Nationwide Activations of B’Odogwu System to Facilitate Trade
The B’Odogwu system is an indigenous trade facilitation platform developed by the NCS to replace the existing Nigerian Integrated Customs Information System (NICIS) II.
The Comptroller-General of Nigeria Customs Service (NCS), Adewale Adeniyi, has said that the Service is prepared for the full implementation of the B’Odogwu system—an indigenous trade facilitation platform developed by the NCS to replace the existing Nigerian Integrated Customs Information System (NICIS) II.
CGC Adeniyi made this known recently during a courtesy visit to the Central Bank of Nigeria, where he met with its governor, Olayemi Cardoso.
“The initiative is expected to modernise Customs operations, improve efficiency in trade documentation, and enhance revenue collections,”said Adeniyi.
He emphasised the importance of seamless integration between Customs and financial institutions, particularly in automating foreign exchange transactions and trade-related payments.
He explained that the new system was introduced following the contract’s expiration with the previous service provider, which had been extended multiple times before the government entered a new concession agreement in 2023.
“We began piloting the B’Odogwu programme at the Port and Terminal Multi-services Limited (PTML) Area Command in Lagos and engaged all stakeholders, including the Central Bank. “
Three months into the pilot phase, we integrated key trade documentation processes such as Form M and Pre-Arrival Assessment Report (PAAR) but encountered initial challenges, particularly resistance from some of the Authorised Dealer Banks (ADBs),” Adeniyi noted.
He urged the Central Bank to grant the necessary approvals for banks to integrate into the system to enable seamless transactions.
Adeniyi also highlighted bottlenecks in the current manual process communicating prevailing exchange rate to the service by the apex bank for the purpose of duty collection.
He appreciated the Central Bank’s support and called for continued collaboration to ensure a smooth nationwide rollout of B’Odogwu.
In response, the Central Bank Governor, Olayemi Cardoso, commended the Customs Service for its innovative approach and pledged his support in ensuring the initiative’s success.
“I am pleased to see a new direction in Customs operations. Collaboration is key, and we will continue to work closely to ensure seamless integration. Our commitment is to provide the necessary support so that the banking sector aligns with this transition,” Cardoso said.
He assured that the Central Bank would work towards ensuring compliance among commercial banks with directives to improve trade processes and enhance revenue collection efficiency.
Business
Dangote exports N757bn jet fuel to Europe in June
The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.
Latest data from the S&P Global Commodity Insights, indicates that Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion.
According to the market report, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.
The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.
The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25 billion.
On the other hand, aviation fuel exports from the United States fell sharply in the past months.
The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,410
GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,885
EURO (EUR) Buy ₦1, 570 Sell ₦1,590
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
CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,370.19
GREAT BRITISH POUND (GBP) ₦1,829. 89
EURO (EUR) ₦1,568.32
SWISS FRANC (CHF) ₦1,1706.13
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦202. 06
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 48
SAUDI RIYAL (SAR) ₦364.93
SOUTH AFRICAN RAND (ZAR) ₦84. 46
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405
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
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370.15
GREAT BRITISH POUND (GBP) ₦1,832.17
EURO (EUR) ₦1,568.28
SWISS FRANC (CHF) ₦1,1705.44
JAPANESE YEN (JPN) ₦8. 51
CHINESE YUAN (CNY) ₦201. 80
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98
SAUDI RIYAL (SAR) ₦364.91
SOUTH AFRICAN RAND (ZAR) ₦84. 32
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