The Nigeria Customs Service (NCS) on Monday clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation. The agency emphasized that all rates applied on its digital clearance platform are officially transmitted by the Central Bank of Nigeria (CBN).

The clarification was issued in a statement by the NCS Deputy Comptroller and National Public Relations Officer, Abdullahi Maiwada, titled, “Nigeria Customs Service clarifies exchange rate application in customs valuation.” The statement followed recent public commentary on foreign exchange pricing, investor behavior, and customs valuation practices.

Maiwada noted that while public discourse on trade and revenue matters is valuable, factual clarification was necessary to prevent misinformation.

“The Nigeria Customs Service acknowledges recent commentary regarding foreign exchange pricing, investor behavior, and customs valuation practices. It is important to clarify how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System and the sole official platform for Customs declarations, clearance, and valuation,” he said.

He stressed that the NCS does not independently determine, generate, alter, or apply margins to foreign exchange rates. “All exchange rates used within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which is the competent authority for exchange rate determination under Nigeria’s monetary framework,” Maiwada added.

According to the statement, rates are automatically integrated and applied uniformly across all Customs formations nationwide, ensuring transparency, predictability, audit integrity, and compliance with statutory provisions and national fiscal and monetary policy directives.

Maiwada also explained that the B’Odogwu system operates on structured data integration protocols that automatically ingest CBN-provided exchange rate information. “Under no circumstance does the system generate, substitute, or alter exchange rates. If data transmission formats change, the system retains the last valid CBN-provided rate until the updated feed is successfully processed, preserving continuity and valuation integrity,” he said.

The NCS is collaborating with the CBN to enable seamless API-based integration, aimed at strengthening real-time exchange rate transmission, operational reliability, and system resilience.

Addressing recent reports, the NCS dismissed claims that it applied an exchange rate of N1,451.63 per dollar on February 6, 2026. Maiwada clarified that the figure originated from trade.gov.ng, a legacy public trade portal, and not the B’Odogwu system. The official rate applied by Customs on that date was N1,365.56 per dollar.

“The sole authoritative platform for Customs declarations, clearance, and valuation is the B’Odogwu system, which receives exchange rates directly transmitted by the Central Bank of Nigeria. All subsequent rates reflect official CBN rates and are automatically implemented through the system in accordance with established national protocols,” he said.

The agency assured stakeholders, including importers, exporters, licensed Customs agents, and international partners, that valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.

“The Nigeria Customs Service remains committed to transparency, consistency, and the facilitation of legitimate trade while ensuring strict compliance with national fiscal and monetary policy directives. The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration,” Maiwada added.

The clarification comes amid heightened sensitivity in Nigeria’s trade and investment environment, where exchange rate fluctuations directly affect import costs, inflation, and government revenue. Importers and manufacturers have expressed concerns about exchange rate volatility and its impact on production costs and consumer prices.

Recent efforts by the Federal Government to digitize Customs processes, improve revenue collection, and curb leakages—through platforms such as B’Odogwu—aim to enhance transparency, stabilize the naira, and strengthen investor confidence in Nigeria’s trade and foreign exchange framework.