The Nigeria Customs Service (NCS) has issued a statement to clarify the application of exchange rates in customs valuation, following recent public commentary on the matter.
This was stated in a release signed by National Public Relations Officer , ABDULLAHI MAIWADA PhD, Deputy Comptroller of Customs and made available to Daily Champion Newspapers
According to the NCS, the exchange rates used for import and export valuation are official rates transmitted by the Central Bank of Nigeria (CBN) and applied uniformly across all customs formations through the B’Odogwu platform, a Unified Customs Management System.
The NCS emphasized that it does not independently determine, generate, or alter exchange rates, and that the B’Odogwu system automatically integrates and applies the CBN rates, ensuring transparency, predictability, and compliance with national fiscal and monetary policy directives.
The service also noted that a reported exchange rate of ₦1,451.63/US$ for February 6, 2026, did not originate from the B’Odogwu system, but rather from a legacy public trade information portal that does not reflect live customs processing data.
The NCS stated that the exchange rate applied for customs valuation on February 6, 2026, was ₦1,365.56 per United States Dollar, as officially communicated by the CBN.
The service assured stakeholders that customs clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices, and that it will continue to strengthen its systems and support Nigeria’s economic growth through efficient and accountable customs administration.
