The Nigeria Customs Service (NCS) has firmly stated that it does not determine or adjust foreign exchange (FX) rates used for import and export valuation.
In a statement issued by its National Public Relations Officer, Abdullahi Maiwada, the agency addressed growing public debate over exchange rate discrepancies, investor reactions, and customs valuation processes.
According to the NCS, all FX rates applied within its digital clearance platform, B’Odogwu, the unified customs management system are electronically transmitted by the Central Bank of Nigeria (CBN).
Maiwada stressed that the customs service has no authority to generate, alter, or apply margins to exchange rates. Instead, rates received from the CBN are automatically integrated into the system and applied uniformly across all customs commands nationwide.
“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates,” the statement said.
The service explained that B’Odogwu operates on structured data integration protocols, meaning it only ingests official exchange rate feeds from the CBN. Where there are transmission delays or format changes, the system retains the last valid CBN-provided rate until an updated feed is successfully processed.
The NCS also dismissed reports that it applied an exchange rate of ₦1,451.63/$ on February 6, 2026. It clarified that the figure originated from trade.gov.ng, described as a legacy trade information portal that does not reflect live customs processing data.
For clarity, the exchange rate used for customs valuation on February 6 was ₦1,365.56/$ as officially communicated by the CBN.
The service reiterated that bodogwu.customs.gov.ng remains the sole authorised platform for customs declarations, clearance and valuation, assuring traders and stakeholders of transparency, predictability and compliance with national monetary policy.
