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The Nigeria Customs Service (NCS) has clarified that all foreign exchange rates used for import and export valuation are provided directly by the Central Bank of Nigeria (CBN), following public concerns about exchange rate pricing and Customs valuation practices.
NCS’s spokesperson, Abdullahi Maiwada, clarified this in a statement on Monday.
“The Nigeria Customs Service (NCS) acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and customs valuation practices,” Maiwada said.
“The Service recognises the value of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment. In this regard, 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.”
According to him, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation.
Maiwada said, “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.”
He explained that the NCS digital clearance system, B’Odogwu, integrates CBN rates automatically, ensuring “transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives.”
Addressing public concerns over an exchange rate of ₦1,451.63 per US dollar reported on some platforms, Maiwada clarified that “the reported exchange rate of ₦1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system. That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.”
He confirmed that the official exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per US dollar, adding that subsequent rates continue to reflect official CBN transmissions.
“For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria,” he stated.
“All subsequent exchange rates applied by the Service have likewise reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols.”
Maiwada also assured the public that customs valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.
