Exchange Rate: CBN Remains Sole Authority For Trade Valuation, Say Customs

The Nigeria Customs Service (NCS) has clarified that it does not independently determine, generate, or alter the exchange rates used for import and export valuation.

The clarification follows recent concerns raised by stakeholders on foreign exchange pricing, investor behaviour, and Customs valuation practices.

Customs spokesman, Abdullahi Maiwada, who made this known, said the NCS explained that all rates are official figures electronically transmitted by the Central Bank of Nigeria (CBN).

According to the NCS, the B’Odogwu platform, the Service unified digital clearance system is programmed to automatically apply exchange rates as provided by the CBN.

“The NCS recognises the value of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment.

“In this regard, it is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation.

“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework.”

These rates, the NCS said, 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.

“The B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the Central Bank of Nigeria.

“Under no circumstance does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system is designed to retain the last valid Central Bank-provided rate until the updated feed is successfully processed, thereby preserving continuity, accuracy, and valuation integrity.

“As part of its ongoing system governance and enhancement processes, the NCS confirmed that is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration, further strengthening real-time exchange rate transmission, operational reliability, and system resilience.”

The Service also clarified that the reported exchange rate of N1, 451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system.

“That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data. Likewise, the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live Customs processing. The Nigeria Customs Service reiterates to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is https://bodogwu.customs.gov.ng, which receives exchange rates directly transmitted by the Central Bank of Nigeria.

“For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was N1, 365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria. All subsequent exchange rates applied by the Service have likewise reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols, ” the statement said.

The Service reiterated its commitment to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives.

The Service assured all stakeholders, including the trading public, licensed customs agents, and international partners, that its clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.

“The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration, ” the statement concluded.