by George Ozalla
The Nigeria Customs Service has clarified concerns surrounding the application of foreign exchange rates in customs valuation, stating that it does not determine or alter exchange rates used in processing import and export declarations.
In a press statement signed by the National Public Relations Officer, Deputy Comptroller of Customs Abdullahi Maiwada, for the Comptroller-General of Customs, the Service said it had taken note of recent public commentary relating to foreign exchange pricing, investor behaviour and customs valuation practices.
The Service explained that exchange rates used in cargo assessment and clearance are not generated internally but are officially transmitted by the Central Bank of Nigeria and electronically integrated into the B’Odogwu platform, the Unified Customs Management System that serves as the sole operational platform for customs declarations, clearance and valuation.
According to the statement, the Nigeria Customs Service does not independently determine, generate, modify or apply margins to foreign exchange rates for import and export valuation. It stressed that the Central Bank of Nigeria remains the statutory authority responsible for exchange rate determination under Nigeria’s monetary framework, and that all rates applied within the B’Odogwu system are official figures received directly from the apex bank.
The Service noted that these rates are automatically integrated into the digital clearance system and uniformly applied across all customs formations nationwide. This structure, it said, guarantees transparency, predictability and audit integrity, while ensuring full compliance with existing fiscal and monetary policy directives.
Providing further technical clarification, the Customs Service stated that the B’Odogwu system operates on structured data integration protocols designed to ingest and apply exchange rate information exactly as transmitted by the Central Bank. It emphasised that under no circumstance does the system generate, substitute or alter exchange rates.
The statement added that where there is a change in data transmission format, the system is programmed to retain the last valid rate provided by the Central Bank until a new feed is successfully processed. This safeguard, the Service explained, preserves continuity and valuation accuracy in customs operations.
As part of its ongoing system enhancement processes, the Service disclosed that it is working with the Central Bank to enable seamless Application Programming Interface integration to further strengthen real-time exchange rate transmission, operational reliability and overall system resilience.
The Customs Service also addressed reports that cited an exchange rate of ₦1,451.63 per United States Dollar for 6 February 2026, clarifying that the figure did not originate from the B’Odogwu system. It stated that the rate was sourced from the Federal Government’s legacy trade information portal, trade.gov.ng, which it described as not reflecting live customs processing data.
Similarly, the Service noted that the National Integrated Customs Information System does not provide real-time customs valuation figures and is not recognised for live customs processing. It reiterated that the only authoritative platform for customs declarations, clearance and valuation remains the B’Odogwu portal, which receives exchange rate data directly from the Central Bank.
For the record, the Service disclosed that the exchange rate applied for customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank. It added that all subsequent exchange rates implemented in customs processing have equally reflected official figures transmitted by the apex bank and automatically applied through the B’Odogwu system in line with established national protocols.
The Service reaffirmed its commitment to transparency, consistency and trade facilitation, assuring stakeholders including licensed customs agents, the trading community and international partners that customs clearance and valuation processes remain accurate, predictable and compliant with statutory provisions and international best practices.
