The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in customs valuation, following recent public commentary on exchange rate discrepancies and investor concerns within Nigeria’s trade environment.
This was disclosed in a press statement signed by Abdullahi Maiwada, Deputy Comptroller of Customs and National Public Relations Officer.
In the statement, the Service said the clarification was necessary to address misconceptions surrounding the application of exchange rates for import and export valuation, particularly on B’Odogwu, the Unified Customs Management System used nationwide for declarations, clearance, and valuation.
The NCS stressed that it does not determine, adjust, or apply margins to exchange rates used for customs purposes. According to the Service, all exchange rates deployed on the B’Odogwu platform are officially provided by the Central Bank of Nigeria (CBN), the statutory authority responsible for exchange rate determination under Nigeria’s monetary framework.
“These rates are electronically transmitted and automatically integrated into the system, ensuring uniform application across all Customs formations, the statement said,
adding that the process guarantees transparency, predictability, audit integrity, and compliance with national fiscal and monetary policies.
The Service explained that B’Odogwu operates on structured data integration protocols that automatically ingest exchange rate feeds from the CBN.
It noted that the system does not generate or alter rates under any circumstance. Where transmission formats change, the platform retains the last valid CBN-issued rate until an updated feed is successfully processed, ensuring continuity and valuation accuracy.
As part of ongoing system upgrades, the NCS disclosed that it is working with the CBN to enable Application Programming Interface (API)-based integration to strengthen real-time exchange rate transmission and overall system resilience.
Addressing reports of an exchange rate of ₦1,451.63 per United States dollar for February 6, 2026, the Service said the figure did not originate from the B’Odogwu platform. It attributed the rate to trade.gov.ng, describing it as a legacy public trade information portal that does not reflect live customs processing data.
The NCS also clarified that the National Integrated Customs Information System (NICIS) does not provide real-time valuation figures and is not recognised for live customs processing.
For transparency, the Service stated that the exchange rate applied for customs valuation on February 6, 2026, was ₦1,365.56 per dollar, as officially communicated by the CBN. It added that all subsequent rates applied have consistently reflected official CBN transmissions.
Reaffirming its commitment to transparency and trade facilitation, the NCS assured stakeholders including importers, licensed customs agents, and international partners that customs valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.