Follow Us on Google
The Nigeria Customs Service (NCS) has issued a clarification on how exchange rates are applied in cargo valuation, distancing itself from claims that it determines or adjusts foreign exchange rates used for import and export processing.
In a press statement signed by the National Public Relations Officer, Abdullahi Maiwada, the Service stressed that it neither generates nor alters exchange rates, insisting that all rates applied in Customs valuation are officially transmitted by the Central Bank of Nigeria (CBN).
“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,” the statement said.
According to the NCS, its Unified Customs Management System, known as B’Odogwu, serves as the sole official platform for Customs declarations, clearance and valuation. The system automatically integrates exchange rates electronically transmitted by the CBN, ensuring uniform application across all Customs formations.
Other News
The Service explained that B’Odogwu operates on structured data integration protocols and “under no circumstance does the system generate, substitute, or alter exchange rates.” In instances where transmission formats change or delays occur, the platform retains the last valid CBN-provided rate to preserve accuracy and continuity.
Customs also clarified that the widely referenced rate of N1,451.63 per dollar for February 6, 2026 did not originate from its system. The figure, it noted, was sourced from trade.gov.ng — a legacy trade information portal that does not reflect live Customs processing data. It further stated that the National Integrated Customs Information System (NICIS) is not recognised for real-time valuation.
For February 6, the applicable exchange rate for Customs valuation was N1,365.56 per dollar, as officially communicated by the CBN.
Reaffirming its commitment to transparency and trade facilitation, the NCS assured importers, licensed agents and international partners that its processes remain predictable, compliant with statutory provisions and aligned with global best practices.
