The Nigeria Customs Service (NCS) has issued a formal clarification addressing recent public commentary surrounding foreign exchange rates and their application in customs valuation, reaffirming that it does not determine or manipulate exchange rates used in trade processing.
In a detailed statement, the Service emphasized that all exchange rates applied in customs valuation are officially determined and transmitted by the Central Bank of Nigeria (CBN), which remains the legally recognized authority for exchange rate determination under Nigeria’s monetary framework.
According to the NCS, its digital clearance platform, B’Odogwu — the Unified Customs Management System — automatically integrates exchange rate data received electronically from the Central Bank. The Service stressed that it neither generates, alters, nor applies margins to these rates. Instead, rates are uniformly implemented across all customs formations to ensure transparency, audit integrity, predictability, and compliance with national fiscal and monetary policy directives.
The Service further clarified that a reported exchange rate of ₦1,451.63 per US dollar for February 6, 2026, did not originate from its official system. That figure, it explained, was sourced from a legacy trade information portal, trade.gov.ng, which does not reflect live customs processing data. It also noted that the National Integrated Customs Information System (NICIS) is not used for real-time customs valuation.
For the avoidance of doubt, the NCS confirmed that the exchange rate applied for customs valuation on February 6, 2026, was ₦1,365.56 per US dollar, as officially communicated by the Central Bank and automatically implemented within the B’Odogwu platform.
Reaffirming its commitment to transparency, operational integrity, and trade facilitation, the Service assured stakeholders — including importers, licensed customs agents, and international partners — that customs clearance and valuation processes remain accurate, consistent, and aligned with statutory provisions and international best practices.
The Nigeria Customs Service reiterated its resolve to strengthen system governance, enhance real-time integration with the Central Bank through API-based connectivity, and support Nigeria’s broader economic stability through efficient and accountable customs administration.
