The Nigeria Customs Service on Monday clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation.
In a statement titled “Nigeria Customs Service clarifies exchange rate application in customs valuation,” the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, said all rates applied on its digital clearance platform are officially transmitted by the Central Bank of Nigeria.
According to him, the clarification followed recent public commentary on foreign exchange pricing, investor behaviour and customs valuation practices.
“The Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation,” Maiwada stated.
He explained that exchange rates are electronically transmitted by the CBN and automatically integrated into the B’Odogwu platform, a Unified Customs Management System used as the sole official system for declarations, clearance and valuation.
“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,” he added.
Maiwada stressed that the system operates on structured data integration protocols and does not generate or substitute exchange rates.
“Under no circumstance does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system retains the last valid Central Bank-provided rate until the updated feed is successfully processed,” he said.
The Service also dismissed reports that it applied an exchange rate of N1,451.63 to the dollar on February 6, 2026.
“That figure did not originate from the B’Odogwu system. It was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” Maiwada explained.
He clarified that the official exchange rate applied for Customs valuation on February 6, 2026, was N1,365.56 to the dollar, as communicated by the CBN.
The NCS disclosed that it is collaborating with the Central Bank to enable seamless API-based integration to strengthen real-time exchange rate transmission and system reliability.
The agency assured importers, exporters, licensed Customs agents and international partners that the valuation process remains accurate, predictable and aligned with statutory provisions and international best practices.
The clarification comes amid heightened sensitivity in Nigeria’s trade and investment environment, where exchange rate fluctuations directly impact import costs, inflation and government revenue.
Customs valuation plays a critical role in determining import duties, making clarity on exchange rate sources essential for investor confidence and trade planning.
