The Nigeria Customs Service (NCS) has responded to recent public commentary on foreign exchange pricing, investor behaviour, and Customs valuation practices, providing clarification on how exchange rates are applied within its digital clearance system.
In a statement, the Service’s National Public Relations Officer, Abdullahi Maiwada, said exchange rates used for import and export valuation are received electronically from the Central Bank of Nigeria (CBN) and automatically integrated into its Unified Customs Management System, B’Odogwu.
He stressed that it does not determine, generate, alter, or apply margins to foreign exchange rates.
According to him, all rates applied within the B’Odogwu platform are official CBN rates, uniformly transmitted across Customs formations to ensure transparency, predictability, audit integrity, and compliance with national fiscal and monetary policies.
The Service explained that the system operates structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the CBN. Where transmission formats change, the system retains the last valid CBN-provided rate until an updated feed is successfully processed, ensuring continuity and valuation integrity.
It added that efforts are underway in collaboration with the apex bank to enable seamless Application Programming Interface (API)-based integration to further enhance real-time transmission, operational reliability, and system resilience.
The NCS also clarified that the reported exchange rate of ₦1,451.63/US$ for February 6, 2026, did not originate from its system but was sourced from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data.
It noted that the National Integrated Customs Information System (NICIS) is not recognised for real-time Customs valuation figures.
For clarity, the Service stated that the exchange rate applied for Customs valuation on February 6, 2026, was ₦1,365.56 per US dollar, as officially communicated by the CBN, adding that all subsequent rates have reflected official figures transmitted by the apex bank and automatically implemented through the B’Odogwu platform.
Reaffirming its commitment to transparency and trade facilitation, the NCS assured stakeholders, including the trading public, licensed customs agents, and international partners, that its clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.
