By Juliet Ezeh
The Nigeria Customs Service has reiterated that it has no authority to set or manipulate foreign exchange rates for import and export valuation, stressing that all rates used on its digital clearance platform are sourced directly from the Central Bank of Nigeria.
The clarification, issued by the Service’s Deputy Comptroller and National Public Relations Officer, Abdullahi Maiwada, comes amid public concern over exchange rate fluctuations and their impact on trade, manufacturing, and import duties. The statement highlighted that Nigeria Customs operates on the B’Odogwu Unified Customs Management System, which serves as the official platform for Customs declarations, clearance, and valuation nationwide.
Maiwada explained that the system automatically integrates official rates transmitted by the CBN, ensuring uniform application across all Customs formations. “The Nigeria Customs Service does not independently determine, generate, alter, or apply any margin to foreign exchange rates used for valuation. The rates applied within the B’Odogwu platform are those officially transmitted by the Central Bank of Nigeria,” he said.
He further emphasised that the platform is designed to maintain accuracy even if there is a temporary disruption in rate transmission. In such cases, the last valid rate provided by the CBN is automatically retained until new data is successfully processed, ensuring continuity and valuation integrity. The Service is also working with the Central Bank to strengthen real-time exchange rate integration through an API-based system.
The NCS dismissed claims that it applied an exchange rate of N1,451.63 per dollar on February 6, 2026, confirming that the figure came from a legacy public trade portal, trade.gov.ng, which does not reflect live Customs data. The official rate applied on that date for Customs valuation was N1,365.56 per dollar, as transmitted by the CBN.
Maiwada reassured importers, exporters, and stakeholders that Customs valuation remains accurate, transparent, and aligned with national fiscal and monetary policies. “Our priority is to facilitate legitimate trade while upholding operational integrity, transparency, and compliance with statutory regulations. The B’Odogwu system is the sole authoritative platform for Customs clearance and valuation,” he said.
The clarification comes at a time when exchange rate volatility continues to affect import costs, government revenue, and investor confidence. The Federal Government’s ongoing digitisation of Customs processes, including the full deployment of B’Odogwu, aims to enhance efficiency, curb revenue leakages, and support a more predictable trading environment in line with Nigeria’s broader economic reform agenda.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.