The Nigeria Customs Service (NCS) has clarified its position on the application of foreign exchange rates in customs valuation, following recent public commentary on forex pricing, investor behaviour and trade processing.
In a statement, the Service said public engagement on Nigeria’s trade and revenue environment is welcomed, noting that clarification is necessary on how exchange rates are received, processed and applied within its digital clearance platform, B’Odogwu — the Unified Customs Management System used for declarations, clearance and valuation.
The NCS emphasised that it does not independently determine or adjust exchange rates used for import and export valuation. According to the Service, all exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria (CBN), which remains the statutory authority for exchange rate determination under Nigeria’s monetary framework.
It explained that the transmitted rates are automatically integrated and uniformly applied across all Customs formations to ensure transparency, predictability and compliance with national fiscal and monetary policy directives.
The Service further noted that B’Odogwu operates through structured data integration protocols that automatically ingest exchange rate information from the CBN without modification. Where transmission formats change, the system retains the last valid CBN-provided rate until updated data is successfully processed. The NCS added that it is working with the apex bank to enable full Application Programming Interface (API)-based integration to strengthen real-time rate transmission and system reliability.
Addressing recent reports, the NCS stated that the exchange rate of ₦1,451.63 per United States dollar reportedly applied on 6 February 2026 did not originate from the B’Odogwu system. The figure, it said, was sourced from a legacy public trade information portal that does not reflect live Customs processing data.
The Service also clarified that the National Integrated Customs Information System (NICIS) does not provide real-time customs valuation figures and is not recognised for live Customs processing. It reiterated that B’Odogwu remains the sole authoritative platform for Customs declarations, clearance and valuation, receiving exchange rates directly from the CBN.
For the record, the NCS disclosed that 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. It added that all subsequent rates applied by the Service have reflected official CBN transmissions implemented automatically through the B’Odogwu platform.
Reaffirming its commitment to transparency and trade facilitation, the Nigeria Customs Service said Customs clearance and valuation processes remain accurate, predictable and aligned with statutory provisions and international best practices, while efforts continue to strengthen operational integrity and support Nigeria’s economic growth.
