By Ayo Ayodele
The Nigeria Customs Service (NCS) has clarified that it does not determine or manipulate foreign exchange rates used in customs valuation, stating that all rates applied in its system are officially transmitted by the Central Bank of Nigeria (CBN).
In a statement issued by the National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada, the Service responded to recent public commentary regarding foreign exchange pricing, investor behaviour and customs valuation practices.
According to the NCS, exchange rates used for import and export valuation are automatically integrated into its digital clearance platform, B’Odogwu — a Unified Customs Management System — which serves as the sole official platform for customs declarations, clearance and valuation.
The Service stressed that it does not independently generate, alter or apply margins to foreign exchange rates. Instead, rates are electronically transmitted by the Central Bank of Nigeria, the legally recognised authority for exchange rate determination under Nigeria’s monetary framework.
“These rates are automatically integrated and uniformly applied across all Customs formations,” the statement said, noting that the process ensures transparency, predictability and full compliance with statutory fiscal and monetary policies.
The NCS further explained that the B’Odogwu system operates on structured data integration protocols that automatically ingest exchange rate information from the CBN. In cases where transmission formats change, the system retains the last valid CBN-provided rate until an updated feed is successfully processed to ensure continuity and accuracy.
As part of efforts to enhance operational efficiency, the Service disclosed that it is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration to strengthen real-time exchange rate transmission and system reliability.
The clarification also addressed reports that cited an exchange rate of ₦1,451.63 per US dollar for February 6, 2026. The Service said the figure did not originate from the B’Odogwu system but from trade.gov.ng, described as a legacy public trade information portal that does not reflect live customs processing data.
It added that the National Integrated Customs Information System (NICIS) does not provide real-time customs valuation figures and is not recognised for live customs processing.
For clarity, the NCS stated that the exchange rate applied for customs valuation on February 6, 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria.
The Service reassured stakeholders — including the trading public, licensed customs agents and international partners — of its commitment to transparency, consistency and trade facilitation, while ensuring strict compliance with national fiscal and monetary policy directives.
It affirmed that customs clearance and valuation processes remain accurate, predictable and aligned with statutory provisions and international best practices.