Nigeria Customs clarifies exchange rate use in import, export valuation

THE Nigeria Customs Service (NCS) has clarified the process for applying foreign exchange (FX) rates in customs valuation, stressing that it does not independently determine, alter, or apply margins to exchange rates used for imports and exports.

In a statement by NCS National Public Relations Officer, Mr Abdullahi Maiwada, the NCS confirmed that the B’Odogwu platform relies entirely on official rates electronically transmitted by the Central Bank of Nigeria (CBN), the sole authority for exchange rate determination under the country’s monetary framework.

“The rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and compliance with statutory and national fiscal directives,” Mr Maiwada said.

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He explained that the B’Odogwu system operates on structured data protocols that ingest and apply exchange rate information directly from the CBN. The system does not generate, substitute, or alter rates. In cases where data transmission formats change, the last valid CBN rate is retained until the updated feed is processed to ensure continuity and valuation accuracy.

The NCS also revealed that efforts are underway with the CBN to implement API-based integration to strengthen real-time exchange rate transmission, operational reliability, and system resilience.

Addressing recent reports, the NCS clarified that the exchange rate of N1,451.63 per US dollar reported for February 6, 2026 did not originate from the B’Odogwu system. That figure came from trade.gov.ng, a legacy public portal, which does not reflect live Customs processing data. Similarly, the National Integrated Customs Information System (NICIS) is not recognised for real-time valuation.

The official Customs exchange rate applied on February 6, 2026 was N1,365.56 per US dollar, as transmitted by the CBN. All subsequent rates used in Customs declarations have followed the same protocol.

The NCS reaffirmed its commitment to transparency, accuracy, and facilitating legitimate trade while adhering to national fiscal and monetary policies, assuring stakeholders of predictable and compliant Customs clearance and valuation processes.