NIGERIA CUSTOMS SERVICE CLARIFIES EXCHANGE RATE APPLICATION

The Nigeria Customs Service (NCS) has corrected misconceptions surrounding foreign exchange rates used for import and export valuation, emphasising that its digital clearance platform, B’Odogwu, relies exclusively on rates officially transmitted by the Central Bank of Nigeria (CBN).

In a statement issued on Sunday, the Customs Service addressed recent public commentary regarding exchange rate pricing and valuation practices, providing detailed clarification on how the automated system processes and applies exchange rates for customs declarations.

According to the statement signed by Deputy Comptroller of Customs and National Public Relations Officer, Dr. Abdullahi Maiwada, the NCS does not independently determine, generate, alter, or apply margins to foreign exchange rates used for customs 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 statement read.

The Service explained that these rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives.

Addressing specific reports about exchange rate figures circulating in the public domain, the NCS clarified that the reported rate of ₦1,451.63 per United States Dollar for 6 February 2026 did not originate from the B’Odogwu system. The figure was instead sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.

For the record, the Customs Service stated that the exchange rate applied for valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria.

The Service further noted that its B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the CBN. In instances 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 and accuracy.

As part of ongoing system enhancements, the NCS is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration, further strengthening real-time exchange rate transmission and operational reliability.

The Customs Service reiterated to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is https://bodogwu.customs.gov.ng, which receives exchange rates directly transmitted by the Central Bank of Nigeria.

“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 statement added, assuring stakeholders that customs clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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