Mkpoikana Udoma
Port Harcourt — The Nigeria Customs Service, NCS, has moved to quell concerns over foreign exchange rates used for cargo valuation, stating unequivocally that it does not determine or alter exchange rates applied in import and export assessments.
In a statement issued by the National Public Relations Officer, Abdullahi Maiwada, on behalf of the Comptroller-General of Customs, the Service said all exchange rates used in its digital clearance platform, B’Odogwu, are electronically 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.
“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria.”
The clarification follows recent public commentary questioning exchange rate figures reportedly used for Customs valuation and their implications for import costs, investor confidence, and trade predictability.
B’Odogwu Sole Authoritative Platform
Customs emphasised that B’Odogwu, its Unified Customs Management System, remains the only recognised platform for declarations, clearance and valuation.
The Service said the system automatically integrates exchange rate data transmitted by the CBN, ensuring “transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives.”
Under its structured data integration protocols, the system does not generate or modify rates. “Under no circumstance does the system generate, substitute, or alter exchange rates,” the statement stressed.
Where there is any delay or change in transmission format from the CBN, Customs explained that the system retains the last valid CBN-provided rate until an updated feed is successfully processed, preserving “continuity, accuracy, and valuation integrity.”
The Service also disclosed ongoing collaboration with the CBN to enable seamless Application Programming Interface, API-based integration to strengthen real-time exchange rate transmission and operational resilience.
Disputing Reported N1,451.63/$ Rate
Customs specifically addressed reports citing an exchange rate of N1,451.63 per US dollar for February 6, 2026, stating that the figure did not originate from the B’Odogwu system.
“The reported exchange rate of N1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system,” the Service clarified. “That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.”
It added that the National Integrated Customs Information System, NICIS, does not provide real-time Customs valuation figures and is not recognised for live Customs processing.
“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,” the statement noted.
Assurances to Trading Public
The NCS reaffirmed its commitment to trade facilitation and compliance with national monetary policy, assuring importers, exporters, licensed customs agents and international partners that clearance and valuation processes remain consistent and aligned with global best practices.
“The Service remains firmly committed to transparency, consistency, and the facilitation of legitimate trade,” it said, adding that it would continue to strengthen its systems and operational integrity in support of Nigeria’s economic growth.
The clarification is expected to ease concerns among import-dependent sectors, where exchange rate volatility significantly influences landed costs and pricing structures.
