Customs Clarifies Exchange Rate Application in Import, Export Valuation

Customs Clarifies Exchange Rate Application in Import, Export Valuation

JOEL OLADELE, Abuja

The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in Customs valuation, following recent public commentary on exchange rate pricing and trade processing.

In a statement signed on Monday by the National Public Relations Officer, Dr. Abdullahi Maiwada, the Service explained that exchange rates used for import and export valuation are not determined by Customs but are officially transmitted by the Central Bank of Nigeria (CBN).

“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 all exchange rates applied within its Unified Customs Management System, known as B’Odogwu, are electronically transmitted by the CBN, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework.

“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria,” it stated, adding that the rates are automatically integrated and uniformly applied across all Customs formations.

According to the statement, the B’Odogwu system operates structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the CBN.

“Under no circumstance does the system generate, substitute, or alter exchange rates,” the Service emphasised.

The NCS further disclosed that it is working with the CBN to enable seamless Application Programming Interface (API)-based integration to strengthen real-time exchange rate transmission and operational reliability.

Addressing reports of an exchange rate of ₦1,451.63 to the dollar for February 6, 2026, the Service clarified that the figure did not originate from its system.

“It is worthy of note that the reported exchange rate of ₦1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system,” the statement said, explaining that the figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.

For transparency, 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.

The NCS reiterated that B’Odogwu remains the sole authoritative platform for Customs declarations, clearance, and valuation, assuring stakeholders that its processes are aligned with statutory provisions and national fiscal and monetary policy directives.

The Service reaffirmed its commitment to transparency, consistency, and efficient trade facilitation, while pledging to continue strengthening its systems to support Nigeria’s economic growth.