The Nigeria Customs Service (NCS) has clarified the process through which foreign exchange rates are applied in import and export valuation, distancing itself from the reported ₦1,451.63 per dollar figure circulated for February 6, 2026.
In a statement issued by its National Public Relations Officer, Abdullahi Maiwada, the Service explained that it neither determines nor alters exchange rates used in cargo clearance. Instead, it relies strictly on official rates transmitted by the Central Bank of Nigeria (CBN).
Maiwada said recent public commentary regarding forex pricing, investor reactions, and customs valuation necessitated clarification of the operational framework guiding the Service’s digital clearance system.
“It is worthy of note that the reported exchange rate of ₦1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system,” the statement noted.
According to the NCS, the figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.
The Service reiterated that all exchange rates used in trade processing are automatically integrated into its Unified Customs Management System, known as B’Odogwu. It described the platform as the sole official portal for customs declarations, clearance, and valuation.
“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,” the statement added.
