By Chimezie Godfrey
The Nigeria Customs Service (NCS) has clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation, insisting that such rates are solely provided by the Central Bank of Nigeria (CBN).
In a statement signed by the National Public Relations Officer, Abdullahi Maiwada, for the Comptroller-General of Customs, the Service said exchange rates applied in its digital clearance platform, B’Odogwu, are officially transmitted by the CBN and automatically integrated into the system.
The Service explained that B’Odogwu, its Unified Customs Management System, remains the only authorised platform for Customs declarations, clearance and valuation.
“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,” Maiwada stated.
He stressed that all exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the CBN, which is the competent authority for exchange rate determination under Nigeria’s monetary framework.
“These rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives,” he said.
The NCS further clarified that the exchange rate of ₦1,451.63/US$ reportedly referenced for February 6, 2026 did not emanate from its system.
“It is worthy of note that the reported exchange rate of ₦1,451.63/US$ for 6 February 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,” the statement read.
According to the Service, the actual exchange rate applied for Customs valuation on February 6, 2026 was ₦1,365.56 per US Dollar, as officially communicated by the CBN.
Maiwada added that the Service is working closely with the apex bank to strengthen real-time exchange rate transmission through Application Programming Interface (API)-based integration to enhance operational reliability and system resilience.
He assured stakeholders, including licensed customs agents and international partners, of the Service’s commitment to transparency, consistency and facilitation of legitimate trade.
“The Nigeria Customs Service remains firmly committed to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives,” he added.