RismadarVoice Reporters
February 16, 2026
The Nigeria Customs Service (NCS) has clarified that it does not determine or alter foreign exchange rates used for import and export valuation, stating that all rates applied in its clearance system are officially transmitted by the Central Bank of Nigeria (CBN).
The clarification follows recent public commentary surrounding foreign exchange pricing, investor behaviour, and Customs valuation practices.
In a statement issued by the National Public Relations Officer, Deputy Comptroller of Customs Abdullahi Maiwada, the Service explained that exchange rates used for Customs valuation are electronically transmitted by the CBN and automatically integrated into its digital clearance platform, known as B’Odogwu.
According to the NCS, B’Odogwu, the Unified Customs Management System is the sole official platform for Customs declarations, clearance, and valuation.
“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.
The Service noted that the exchange rates are uniformly applied across all Customs formations to ensure transparency, predictability, audit integrity, and compliance with statutory and national monetary policy directives.
The NCS further explained that the B’Odogwu system operates on structured data integration protocols that automatically ingest exchange rate information as transmitted by the CBN. It added that the system does not generate or substitute exchange rates under any circumstances.
Addressing reports of an exchange rate of ₦1,451.63 per dollar allegedly applied on February 6, 2026, the Service stated that the figure did not originate from its official system. It clarified that the reported rate was sourced from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data.
The NCS also noted that the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live processing.
“For clarity and transparency, the exchange rate applied for Customs valuation on February 6, 2026, was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria,” the statement added.
The Service disclosed that it is working with the CBN to enable seamless Application Programming Interface (API)-based integration to enhance real-time exchange rate transmission and operational reliability.
