The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its digital clearance system, B’Odogwu, following recent public commentary on currency pricing, investor behaviour, and Customs valuation practices.
In a statement issued on Monday, the Service explained that it does not determine or manipulate exchange rates used for import and export valuation, stressing that all rates applied in the system are officially transmitted by the Central Bank of Nigeria (CBN).
According to the NCS, B’Odogwu, a Unified Customs Management System, serves as the sole official platform for Customs declarations, clearance, and valuation across the country.
The Service noted that exchange rates are electronically integrated into the system directly from the CBN and uniformly applied across all Customs formations to ensure transparency, predictability, and compliance with national fiscal and monetary policies.
“The Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation,” the statement said, adding that the CBN remains the competent authority for exchange rate determination under Nigeria’s monetary framework.
The Service further explained that the B’Odogwu system automatically ingests exchange rate data through structured integration protocols and does not generate or substitute rates under any circumstance.
Where data transmission formats change, the system is designed to retain the last valid CBN-provided rate until updated information is successfully processed, in order to maintain continuity and valuation accuracy.
As part of ongoing system upgrades, the NCS disclosed that it is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration to enhance real-time transmission of exchange rates and improve system reliability.
The NCS also addressed reports that an exchange rate of ₦1,451.63 per dollar was applied on 6 February 2026, clarifying that the figure did not originate from the B’Odogwu system.
The Service said the rate was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data. It added that the National Integrated Customs Information System (NICIS) also does not provide real-time valuation data and is not used for live Customs processing.
For clarity, the NCS stated that the official exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States dollar, as communicated by the Central Bank of Nigeria. It added that all subsequent rates applied by the Service have reflected official CBN rates automatically implemented through the B’Odogwu platform.
Reaffirming its commitment to transparency and trade facilitation, the NCS assured stakeholders, including importers, licensed customs agents, and international partners, that Customs valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.
The statement was signed by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, on behalf of the Comptroller-General of Customs.
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