The Nigeria Customs Service (NCS) has firmly dismissed claims that it determines or alters foreign exchange rates used in cargo valuation, clarifying that all exchange rates applied in Customs processing are officially supplied by the Central Bank of Nigeria (CBN).
In a statement addressing recent public commentary on foreign exchange pricing and Customs valuation, the Service explained that its digital clearance platform, B’Odogwu the Unified Customs Management System automatically receives and applies exchange rates electronically transmitted by the apex bank.
According to the NCS, it neither generates nor adjusts exchange rates for import and export valuation, stressing that the CBN remains the sole authority responsible for exchange rate determination under Nigeria’s monetary framework.
“The exchange rates used for Customs valuation are not independently determined by the Nigeria Customs Service,” the statement said. “They are official rates electronically transmitted by the Central Bank of Nigeria and automatically integrated into the B’Odogwu system.”
The Service further clarified that the system operates on structured data integration protocols designed to automatically ingest and uniformly apply the CBN’s rates across all Customs formations nationwide. Where there is any temporary disruption or change in data transmission format, the platform is programmed to retain the last valid CBN-provided rate until an updated feed is successfully processed.
Customs also revealed ongoing collaboration with the CBN to enhance real-time transmission through Application Programming Interface (API)-based integration, aimed at strengthening operational reliability and system resilience.
Addressing a specific controversy, the Service stated that the reported exchange rate of ₦1,451.63 per US dollar for February 6, 2026, did not originate from its system. Instead, it said the figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.
Similarly, the National Integrated Customs Information System (NICIS) was described as not providing real-time Customs valuation figures and not recognised for live processing.
For clarity, the NCS disclosed 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. It added that all subsequent rates have consistently reflected official transmissions from the apex bank and were automatically implemented through the B’Odogwu platform.
Reaffirming its commitment to transparency and trade facilitation, the Service assured stakeholders including licensed customs agents, the trading public, and international partners that its clearance and valuation processes remain predictable, compliant with statutory provisions, and aligned with global best practices.
The NCS pledged to continue strengthening its digital systems and operational integrity in support of efficient revenue collection and Nigeria’s broader economic growth objectives.
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