The Nigeria Customs Service (NCS) has clarified that it does not set or manipulate foreign exchange rates used for Customs valuation, stressing that all rates applied in import and export processing are officially provided by the Central Bank of Nigeria (CBN).
In a statement issued on Monday, the Service said recent public commentary on exchange rate application and investor behaviour made it necessary to explain how rates are received and used within its digital clearance platform, B’Odogwu, which it described as the sole authorised system for Customs declarations, clearance, and valuation in Nigeria.
According to the NCS, exchange rates used on the platform are electronically transmitted by the CBN and automatically integrated into the system. The Service emphasised that it does not generate, alter, or apply margins to the rates, noting that the automated process ensures transparency, uniformity across all Customs formations, and compliance with national fiscal and monetary policies.
The NCS explained that where there are changes in data transmission formats, the system is designed to retain the last valid CBN-provided rate until a new official feed is successfully processed. It added that ongoing collaboration with the CBN aims to achieve full API-based integration to enhance real-time rate transmission and system reliability.
Addressing reports of a ₦1,451.63/US$ exchange rate allegedly applied on 6 February 2026, the Service said the figure did not originate from its system. It attributed the rate to a legacy public trade information portal that does not reflect live Customs processing data. The Service also noted that the National Integrated Customs Information System (NICIS) is not used for real-time Customs valuation.
For clarity, the NCS stated that the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per US dollar, as officially communicated by the CBN.
The Service reaffirmed its commitment to transparency, consistency, and trade facilitation, assuring stakeholders that Customs valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.