KEY POINTS

• Customs along with CBN have established an automatic system for foreign exchange transactions which enhances both trade speed and financial revenue collection.
• The B’Odogwu system was developed to take over NICIS II responsibilities which seeks to enhance trade documentation processes along with customs duty collection functions.
• The CBN will monitor bank operations to establish full integration between new platforms.

The Nigeria Customs Service (NCS) along with the Central Bank of Nigeria (CBN) strengthened their operational connection to create an automated foreign exchange (FX) transaction system which aims at optimizing trade efficiency and boosting revenue collection.

Built-in Nigeria, B’Odogwu serves as trade facilitation software to replace foreign-developed NICIS II according to CBN Governor Olayemi Cardoso during a meeting with NCS Comptroller-General Adewale Adeniyi.

The B’Odogwu system started operating following an expired concession agreement and it pursues modernized Customs operations as well as better trade documentation combined with improved duty collection precision.

CBN backs full integration of banking sector

The B’Odggwu system started by implementing it at the Port and Terminal Multi-services Limited (PTML) Area Command in Lagos. Some of the Authorized Dealer Banks (ADBs) showed resistance to system integration processes.

Adeniyi asked the CBN to supervise bank compliance to make FX transfers and currency updates available for Customs operations.

Governor Cardoso gave his praise to NCS’s creative solution by making a promise to conduct complete banking regulations enforcement.

B’Odogwu’s adoption will receive full regulatory support from the government which will further establish transparent operations throughout the trade system.

By implementing the platform across the country the platform aims to remove paperwork delays while decreasing system limitations and enhancing trading revenue transparency in the Nigerian commercial sector.