The Nigeria Customs Service (NCS) has clarified its role in the application of foreign exchange rates for import and export valuation, stating that it does not determine or alter exchange rates used in customs processing.
In a statement addressing recent public commentary on foreign exchange pricing, investor behaviour and customs valuation practices, the Service said it welcomes informed discourse but considers it necessary to correct misconceptions regarding its operational framework.
The NCS explained that all exchange rates applied within its digital clearance platform, B’Odogwu, are officially transmitted by the Central Bank of Nigeria (CBN), the statutory authority responsible for exchange rate determination under Nigeria’s monetary policy framework.
According to the Service, the B’Odogwu platform—described as the sole authorised system for customs declarations, clearance and valuation—automatically integrates rates electronically supplied by the CBN. It stressed that the NCS neither independently generates nor applies margins to exchange rates.
“These rates are automatically integrated and uniformly applied across all customs formations, ensuring transparency, predictability, audit integrity and full compliance with statutory provisions and national fiscal and monetary policy directives,” the statement said.
The Service further clarified that the system operates on structured data integration protocols and does not generate, substitute or alter exchange rate figures. In cases where data transmission formats change, the platform retains the last valid rate provided by the CBN until an updated feed is successfully processed, thereby preserving continuity and valuation accuracy.
It added that discussions are ongoing with the CBN to enable seamless Application Programming Interface (API)-based integration to enhance real-time exchange rate transmission and operational resilience.
The NCS also addressed reports citing an exchange rate of ₦1,451.63 per dollar for February 6, 2026, noting that the figure did not originate from the B’Odogwu system. It attributed the rate to trade.gov.ng, described as a legacy public trade information portal that does not reflect live customs processing data.
Similarly, the Service stated that the National Integrated Customs Information System (NICIS) does not provide real-time valuation figures and is not recognised for live customs processing.
For clarity, the NCS 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 noted that all subsequent rates have equally reflected official figures transmitted by the apex bank and automatically implemented through the B’Odogwu platform.
Reaffirming its commitment to transparency and trade facilitation, the Service assured stakeholders—including the trading public, licensed customs agents and international partners—that customs clearance and valuation processes remain accurate, predictable and aligned with statutory provisions and global best practices.
The statement was signed by the National Public Relations Officer of the Service, Abdullahi Maiwada, a Deputy Comptroller of Customs.
