The Nigeria Customs Service has clarified the process through which foreign exchange rates are applied in import and export valuations, stressing that it does not determine or adjust the rates used for cargo clearance.
In a statement issued by its National Public Relations Officer, Abdullahi Maiwada, the Service explained that it relies exclusively on official exchange rate figures transmitted electronically by the Central Bank of Nigeria.
According to Maiwada, recent public commentary surrounding forex pricing, investor reactions and customs valuation prompted the clarification of the operational framework guiding its digital clearance platform.
“It is important to provide factual clarification on how exchange rates are received, processed and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance and valuation,” the statement said.
The Service noted that the reported exchange rate of ₦1,451.63/US$ for February 6, 2026, did not originate from its system. It explained that the figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live customs processing data.
Maiwada stated that all exchange rates used in trade processing are automatically integrated into the Unified Customs Management System, known as B’Odogwu, through structured data-integration protocols. The rates, he said, are applied uniformly across commands nationwide to ensure transparency, predictability and compliance with fiscal and monetary policies.
“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,” he added.
“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework.”
