THE Nigeria Customs Service (NCS) has issued a detailed clarification on how foreign exchange rates are applied in customs valuation, following recent public commentary concerning forex pricing, investor behaviour and trade processing procedures.
In a statement sent to News Point Nigeria by the National Public Relations Officer, Abdullahi Maiwada, on behalf of the Comptroller-General of Customs, the Service emphasised that it does not independently determine or alter exchange rates used in import and export valuation.
According to the NCS, all exchange rates applied within its digital clearance platform, B’Odogwu officially known as the Unified Customs Management System are electronically transmitted by the Central Bank of Nigeria (CBN).
The Service stressed that the CBN remains the legally recognised authority for exchange rate determination under Nigeria’s monetary framework.
“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,” the statement noted.
It added that exchange rates received from the apex bank are automatically integrated into the B’Odogwu platform and uniformly applied across all customs formations nationwide, ensuring transparency, predictability and audit integrity.
The NCS explained that the B’Odogwu system operates through structured data integration protocols that automatically ingest exchange rate information as transmitted by the CBN.
Under no circumstances, the Service said, does the system generate, substitute or manipulate exchange rates.
Where there are temporary changes in data transmission formats, the system is designed to retain the last valid CBN-provided rate until updated data is successfully processed. This mechanism, according to Customs, ensures continuity, valuation accuracy and system reliability.
The Service further disclosed that it is collaborating with the Central Bank of Nigeria to implement seamless Application Programming Interface (API)-based integration. This upgrade is expected to enhance real-time transmission of exchange rates and strengthen operational resilience.
Addressing recent reports citing an exchange rate of ₦1,451.63 per United States Dollar for February 6, 2026, the NCS clarified that the figure did not originate from the B’Odogwu system.
The Service stated that the reported rate was sourced from a legacy public trade information portal which does not reflect live customs processing data.
Similarly, the National Integrated Customs Information System (NICIS) was described as not being a real-time customs valuation platform and therefore not recognised for live customs processing.
The NCS reiterated that the only authoritative platform for customs declarations, clearance and valuation is the B’Odogwu portal, which directly receives official rates from the Central Bank of Nigeria.
For clarity, the Service disclosed 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 CBN.
It added that all subsequent exchange rates used in customs valuation have strictly reflected the official rates transmitted by the apex bank and automatically implemented through the B’Odogwu platform in accordance with national fiscal and monetary policy directives.
Commitment to Transparency and Trade Facilitation
The Nigeria Customs Service reaffirmed its commitment to transparency, consistency and facilitation of legitimate trade.
It assured stakeholders including importers, exporters, licensed customs agents and international partners that customs clearance and valuation processes remain aligned with statutory provisions and international best practices.
The Service pledged to continue strengthening its digital infrastructure, enhance operational integrity and support Nigeria’s economic growth through efficient and accountable customs administration.
By providing detailed clarification on exchange rate application, the NCS said it aims to foster informed public discourse and deepen understanding of Nigeria’s trade and revenue environment.