The Nigeria Customs Service has clarified how exchange rates are applied in customs valuation, stating that it does not determine or alter foreign exchange rates used for import and export processing.
In a press statement issued on February 16, 2026, and signed by the National Public Relations Officer, Abdullahi Maiwada, the Service said all exchange rates used in its digital clearance platform, B’Odogwu — the Unified Customs Management System — are officially supplied by the Central Bank of Nigeria.
According to the statement, the platform serves as the sole official system for customs declarations, clearance, and valuation, and automatically integrates exchange rates transmitted electronically by the apex bank. The Service stressed that it does not independently generate, modify, or apply margins to exchange rates under any circumstance.
Customs explained that the system operates on structured data integration protocols that ingest exchange rate data directly from the Central Bank. Where there is any change in transmission format, the system is designed to retain the last valid rate received until an updated feed is processed, in order to maintain continuity and accuracy in valuation.
The agency added that it is currently working with the Central Bank to enable seamless API-based integration to strengthen real-time rate transmission and improve operational reliability.
The statement also addressed reports referencing an exchange rate of ₦1,451.63 per US dollar for February 6, 2026, noting that the figure did not originate from its clearance platform. It said the rate was drawn from a legacy public trade portal which does not reflect live customs processing data. It further clarified that the National Integrated Customs Information System is not used for real-time customs valuation.
Customs stated that the actual exchange rate applied for valuation on that date was ₦1,365.56 per US dollar, as officially communicated by the Central Bank and automatically implemented through the B’Odogwu platform.
Reaffirming its position, the Service said it remains committed to transparency, consistency, and trade facilitation, while ensuring compliance with national fiscal and monetary policies and international best practices. It assured importers, licensed agents, and international partners that its clearance and valuation processes remain predictable and accurate.
