By Adedapo Adesanya

The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation, saying it neither determines nor alters rates used in cargo clearance.

The service, in a statement by its National Public Relations Officer, Mr Abdullahi Maiwada, explained that it relies solely on official figures transmitted by the Central Bank of Nigeria (CBN).

Mr Maiwada stated that recent public commentary surrounding forex pricing, investor reactions, and customs valuation had prompted NCS to explain the operational framework guiding its digital clearance platform.

“It is worthy of note that the reported exchange rate of N1,451.63/US$ for February 6, 2026 did not originate from the B’Odogwu system.

“That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” it stated.

According to him, all exchange rates used in trade processing are automatically integrated into its Unified Customs Management System, known as B’Odogwu, which it described as the sole official portal for declarations, clearance, and valuation.

“It is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation,” the statement reads.

The NCS spokesman said the Service receives rates electronically from the apex bank and applies them uniformly across commands nationwide, ensuring transparency, predictability, and compliance with statutory fiscal and monetary policies.

He argued that NCS does not generate or manipulate exchange rates under any circumstances.

Instead, it explained that the platform operates structured data-integration protocols designed to ingest and apply exchange-rate feeds exactly as transmitted.

“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation.

“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework,” Mr Maiwada added.

By Aduragbemi Omiyale

To fast track the expansion of its Lagos-based refinery, Dangote Group has sealed a $400 million construction equipment deal with one of the leading manufacturers of construction machinery in China, XCMG Construction Machinery Company Limited.

A statement from the conglomerate disclosed that beyond refining, the expansion programme will see polypropylene production increase from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.

Urea capacity in Nigeria will be tripled from 3 million to 9 million metric tonnes per annum, in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s position as the largest urea producer globally.

There are plans to expand the Dangote Petroleum Refinery and Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to become the largest refinery in the world.

The Chinese deal will enable Dangote Group to acquire additional wide range of advanced construction equipment to support ongoing and forthcoming projects across refining, petrochemicals, agriculture and large-scale infrastructure development. The new equipment will complement existing assets deployed for the refinery expansion, which is expected to be completed within three years.

Production capacity for Linear Alkyl Benzene (LAB) will also be increased to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and strengthening supply to the detergent and cleaning agents manufacturing industry. Additional base oil production capacity also forms part of the broader expansion programme.

Dangote Group described the agreement as a strategic investment aimed at deepening its construction footprint and accelerating its ambition to build a $100 billion enterprise by 2030.

“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” it stated.

As digital asset markets mature, professional traders and institutions increasingly look beyond public order books for more efficient execution. Many begin by exploring crypto otc services, which are designed to facilitate large-volume transactions without the market impact often seen on traditional platforms. To understand why this model has gained traction, it helps to look at how it works and what sets it apart from standard trading methods.

At its core, OTC trading refers to the direct exchange of assets between two parties outside of a public marketplace. Instead of placing orders on an open platform where prices are visible to everyone, participants negotiate terms privately, often with the assistance of a broker or institutional desk. This approach has become especially popular among high-net-worth individuals, funds, and companies managing significant digital asset positions.

How OTC Trading Differs From Traditional Markets

Most retail traders interact with the crypto market through a centralized exchange, where buy and sell orders are matched automatically via an order book. While this model works well for smaller trades, it can be inefficient for large transactions. Substantial orders placed on a public exchange may move the market price, resulting in slippage and unfavorable execution.

OTC trading avoids this issue by removing large transactions from public view. Prices are agreed upon in advance, allowing both sides to execute at known terms without affecting broader market conditions. This makes OTC desks particularly useful during periods of volatility or when handling block trades.

Who Uses OTC Crypto Trading?

OTC services are commonly used by institutional investors, miners, family offices, and corporate treasuries. These participants often deal with volumes that exceed typical market depth on public platforms. By working through an OTC desk, they can buy or sell large amounts of cryptocurrency efficiently and discreetly.

Another key advantage is access to tailored execution. Rather than relying on automated matching, OTC trades are often supported by human traders who help structure deals, source counterparties, and manage settlement. This personalized approach adds a layer of confidence for participants handling high-value transactions.

The Role of Liquidity and Execution

A critical element of successful OTC trading is access to deep liquidity. OTC desks aggregate demand from multiple sources, enabling them to match large orders without delay. This ensures that even substantial trades can be executed smoothly, often at more competitive prices than those available on public markets during the same period.

Because OTC trades are negotiated directly, participants also gain more control over timing and settlement. This flexibility is particularly valuable for organizations that need to coordinate trades with internal treasury operations or external obligations.

Privacy and Risk Management

One of the defining benefits of OTC crypto trading is privacy. Since transactions are not visible on public order books, they do not signal intent to the wider market. This reduces the risk of front-running, speculative reactions, or unwanted attention—concerns that are especially relevant for large or strategic trades.

OTC desks also help manage counterparty risk by acting as intermediaries or facilitators. Reputable providers conduct due diligence, ensure secure settlement processes, and often operate within established compliance frameworks. This adds an additional layer of protection compared to informal peer-to-peer transactions.

How WhiteBIT Supports OTC Trading

WhiteBIT offers an institutional OTC service designed to meet the needs of professional market participants. Its OTC desk provides personalized execution, competitive pricing, and structured settlement processes, allowing clients to execute large trades efficiently and securely. By combining market expertise with robust infrastructure, WhiteBIT helps clients navigate complex transactions without disrupting broader market conditions.

OTC crypto trading has become an essential tool for participants who prioritize efficiency, discretion, and control. By operating outside public order books, it enables large-scale transactions to be executed smoothly while minimizing market impact. As digital asset markets continue to evolve, OTC services will remain a vital component of the institutional trading landscape, offering a practical alternative to traditional exchange-based execution.