By Denis Matthew
The Nigeria Customs Service (NCS) has moved to clear public misconceptions regarding the application of foreign exchange rates in trade valuation, reaffirming that the Service neither determines nor alters the rates used for import and export processing.
In a statement issued by the National Public Relations Officer, Deputy Comptroller Abdullahi Maiwada, the NCS clarified that all exchange rates are electronically transmitted by the Central Bank of Nigeria (CBN) and integrated directly into its official processing platform.
Central to this clarification is the “B’Odogwu” Unified Customs Management System, which serves as the sole official platform for declarations, clearance, and valuation.
The Service emphasized that this system automatically adopts the official CBN feed to ensure transparency and audit integrity, leaving no room for manual modifications or independent margins.
Addressing recent reports of a ₦1,451.63/US$ rate on February 6, 2026, the NCS stated that such figures did not originate from the B’Odogwu system but were likely sourced from legacy trade portals that do not reflect live processing data.
To further enhance operational resilience, the NCS disclosed that it is collaborating with the CBN to implement a seamless Application Programming Interface (API) for real-time rate transmission.
For the record, the Service confirmed that the official rate applied for valuation on February 6 was actually ₦1,365.56 per US Dollar, as communicated by the apex bank.
By ensuring that its valuation processes remain predictable and aligned with international best practices, the NCS aims to maintain investor confidence and facilitate legitimate trade while strictly adhering to national monetary policy.
