The Nigeria Customs Service (NCS) has clarified that it does not determine or manipulate foreign exchange (FX) rates used in import and export valuation, stating that all rates applied are officially transmitted by the Central Bank of Nigeria (CBN).
In a statement issued on Monday, Abdullahi Maiwada, the NCS National Public Relations Officer, addressed recent public commentary concerning exchange rate pricing, investor concerns and customs valuation practices.
CBN sole authority on exchange rates
Maiwada explained that all FX rates used within the NCS digital clearance 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,” the statement read.
According to the agency, the B’Odogwu platform operates as the sole official system for customs declarations, clearance and valuation. Exchange rates received from the CBN are automatically integrated and uniformly applied across all customs formations to ensure transparency, predictability and compliance with national fiscal and monetary policies.
The service emphasised that the system cannot generate or modify exchange rates. In cases where data transmission formats change, the platform retains the last valid CBN-provided rate until an updated feed is successfully processed.
Clarification on reported ₦1,451.63/$ rate
The NCS dismissed reports that it applied an exchange rate of ₦1,451.63 per US dollar on February 6, 2026, stating that the figure did not originate from its system.
According to the agency, the reported rate was sourced from trade.gov.ng — described as a legacy public trade information portal that does not reflect live customs processing data.
For clarity, the service stated that the exchange rate applied for customs valuation on February 6, 2026, was ₦1,365.56 per US dollar, as officially communicated by the CBN.
Strengthening system integration
The NCS added that it is working with the Central Bank to enable seamless application programming interface (API)-based integration to improve real-time transmission of exchange rate data and enhance operational reliability.
Maiwada reaffirmed the service’s commitment to transparency, consistency and facilitating legitimate trade, assuring stakeholders — including licensed customs agents and international partners — that customs clearance and valuation processes remain aligned with international best practices and national monetary directives.
The clarification comes amid heightened scrutiny of FX movements in Nigeria and their impact on trade costs, investor sentiment and overall market stability.