The Nigeria Customs Service (NCS) has issued a clarification on the application of foreign exchange rates in Customs valuation, reaffirming that it does not determine or alter exchange rates used in import and export processing.
In a press statement by the Deputy Comptroller of Customs, Abdullahi Maiwada, PhD, National Public Relations Officer, the Service acknowledged recent public commentary concerning foreign exchange pricing, investor behaviour, and Customs valuation practices, noting that informed discourse strengthens understanding of Nigeria’s trade and revenue environment.
The NCS explained that all exchange rates applied within its Unified Customs Management System, B’Odogwu — the sole official platform for Customs declarations, clearance, and valuation — are electronically transmitted by the Central Bank of Nigeria (CBN). The Service stressed that it does not independently generate, modify, or apply margins to exchange rates.
According to the statement, the B’Odogwu platform automatically integrates official rates received from the CBN and applies them uniformly across all Customs formations, ensuring transparency, predictability, audit integrity, and compliance with national fiscal and monetary policy directives.
The Service further clarified that the system operates on structured data integration protocols and does not generate or substitute exchange rates under any circumstance. In situations where transmission formats change, the system retains the last valid CBN-provided rate until an updated feed is successfully processed to preserve valuation accuracy and continuity.
The NCS also disclosed ongoing collaboration with the Central Bank of Nigeria to implement seamless Application Programming Interface (API)-based integration to enhance real-time exchange rate transmission and operational resilience.
Addressing recent reports, the Service stated that the exchange rate of ₦1,451.63/US$ reportedly referenced for 6 February 2026 did not originate from the B’Odogwu system. It explained that the figure was sourced from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data. The Service also clarified that the National Integrated Customs Information System (NICIS) is not recognised for real-time Customs valuation processing.
For clarity, the NCS stated that the official exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as communicated by the Central Bank of Nigeria, and that all subsequent rates have similarly reflected official CBN transmissions.
The Service reiterated its commitment to transparency, consistency, and the facilitation of legitimate trade while ensuring strict adherence to national fiscal and monetary policy directives. It assured stakeholders, including the trading public, licensed customs agents, and international partners, that Customs valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.
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