FX Rate Controversy: Customs Insists CBN Sole Source of Valuation Rates, Disowns ₦1,451/$ Figure
Kathy Kyari
The Nigeria Customs Service (NCS) has firmly denied allegations that it determines or manipulates foreign exchange rates used for cargo valuation, clarifying that all rates applied in its digital clearance system are officially transmitted by the Central Bank of Nigeria (CBN).
In a detailed statement issued by the National Public Relations Officer, DC Abdullahi Maiwada addressing recent public commentary on foreign exchange pricing, investor behaviour, and Customs valuation practices, the Service emphasised that it plays no role in setting exchange rates.
“The Nigeria Customs Service (NCS) acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices. The Service recognises the value of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment."
"In this regard, it is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation,” the statement read.
The NCS stressed that its Unified Customs Management System, B’Odogwu, does not independently generate or alter exchange rates under any circumstance.
“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework,” the Service stated.
According to the NCS, the rates received from the CBN are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and compliance with statutory and fiscal policy directives.
Explaining the technical framework, the Service said:
“The B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the Central Bank of Nigeria. Under no circumstance does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system is designed to retain the last valid Central Bank-provided rate until the updated feed is successfully processed, thereby preserving continuity, accuracy, and valuation integrity.”
It further disclosed that it is working with the Central Bank to strengthen real-time integration.
“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration, further strengthening real-time exchange rate transmission, operational reliability, and system resilience.”
The Service also addressed reports alleging discrepancies in the exchange rate applied on February 6, 2026.
“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. That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data. Likewise, the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live Customs processing.”
Reiterating the official rate applied on that date, the NCS stated:
“For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria. All subsequent exchange rates applied by the Service have likewise reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols.”
The Service reassured stakeholders of its commitment to transparent and predictable valuation processes.
“The Nigeria Customs Service remains firmly committed to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives."
"The Service assures all stakeholders, including the trading public, licensed customs agents, and international partners, that Customs clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices."
"The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration.”
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