The Nigeria Customs Service (NCS) has clarified its position on foreign exchange rates used in import and export valuation, distancing itself from the reported ₦1,451.63/$1 rate.
In a statement issued by the National Public Relations Officer, Abdullahi Maiwada, the Service explained that it does not set or adjust exchange rates for cargo clearance. Instead, it relies exclusively on official rates electronically transmitted by the Central Bank of Nigeria (CBN).
Maiwada said recent public discussions about forex pricing, investor sentiment, and customs valuation made it necessary for the NCS to outline the operational process guiding its digital clearance system.
He noted that the ₦1,451.63/$1 rate reported for February 6, 2026, did not originate from the Service’s system. According to him, the figure was obtained from trade.gov.ng, a legacy trade information portal that does not reflect real-time customs processing data.
The spokesperson explained that all exchange rates applied to trade transactions are automatically integrated into the Service’s Unified Customs Management System, known as B’Odogwu, which serves as the sole official platform for declarations, clearance, and valuation.
He emphasised that the NCS receives exchange rates electronically from the CBN and applies them uniformly across all commands nationwide to ensure transparency, consistency, and compliance with fiscal and monetary regulations.
“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, modify, or apply margins to foreign exchange rates used for import and export valuation,” Maiwada stated.
He added that the B’Odogwu platform operates through structured data-integration protocols that apply exchange-rate feeds exactly as transmitted by the CBN, which remains the legally authorised body responsible for exchange-rate determination under Nigeria’s monetary framework.
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