The Nigeria Customs Service (NCS) has dismissed allegations that it determines or manipulates foreign exchange rates used for import and export valuation, clarifying that all rates applied on its digital clearance platform are officially transmitted by the Central Bank of Nigeria (CBN).
In a statement issued by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, the Service said the clarification became necessary following recent public commentary on foreign exchange pricing, investor behaviour, and customs valuation practices.
According to the statement, the NCS does not independently determine, generate, alter, or apply margins to exchange rates used for customs valuation. Instead, all rates integrated into its Unified Customs Management System, known as B’Odogwu, are electronically transmitted by the CBN.
“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 explained that exchange rates received from the apex bank are automatically integrated and uniformly applied across all Customs formations nationwide to ensure transparency, predictability, and compliance with statutory and monetary policy directives.
The Service further clarified that under no circumstance does the B’Odogwu system generate or modify exchange rates. In cases where there is a delay or change in data transmission format, the platform retains the last valid CBN-provided rate until an updated feed is processed.
Maiwada also disclosed that the NCS is working with the Central Bank to implement seamless Application Programming Interface (API)-based integration to enhance real-time exchange rate transmission and system reliability.
Addressing reports that Customs applied an exchange rate of N1,451.63 to the dollar on February 6, 2026, the Service said the figure did not originate from its system but was sourced from trade.gov.ng, a legacy public trade portal that does not reflect live Customs processing data.
According to the NCS, the official exchange rate applied for Customs valuation on that date was N1,365.56 per dollar, as communicated by the CBN.
The Service assured importers, exporters, licensed Customs agents, and international partners that its valuation process remains accurate and aligned with national fiscal and monetary policy directives.
The clarification comes amid heightened sensitivity in Nigeria’s trade and investment climate, where exchange rate fluctuations significantly impact import costs, inflation, and government revenue. Customs valuation plays a critical role in determining import duties, making transparency in exchange rate application essential for investor confidence and trade planning.
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