The Nigeria Customs Service on Monday said it does not set or manipulate the foreign exchange rates used for import and export valuation, emphasising that all rates applied on its digital clearance platform are officially provided by the Central Bank of Nigeria.

The clarification was contained in a statement issued by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, titled, “Nigeria Customs Service clarifies exchange rate application in customs valuation.”

The agency said the statement was prompted by recent public commentary on foreign exchange pricing, investor behaviour, and customs valuation practices.

According to the statement, the NCS acknowledged the value of informed public discourse in improving understanding of Nigeria’s trade and revenue environment, but emphasised the need for factual clarification to prevent the spread of misinformation.

Maiwada said, “The Nigeria Customs Service acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices.

The Nigeria Customs Service said it recognises the importance of informed public discourse in enhancing 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.

“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,” he added.

He noted that the rates are automatically integrated and uniformly applied across all Customs formations nationwide.

“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,” he added

Maiwada said the system operates on structured data integration protocols that automatically receive and apply exchange rate information transmitted by the apex bank, 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,” he said.

He added that the Nigeria Customs Service was working with the Central Bank of Nigeria to enable seamless Application Programming Interface-based integration to improve real-time exchange rate transmission.

“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is collaborating with the Central Bank of Nigeria to enable seamless API-based integration, further strengthening operational reliability, system resilience, and real-time exchange rate transmission,” he said.

The Nigeria Customs Service also dismissed reports that it applied an exchange rate of N1,451.63 to the dollar on February 6, 2026, stating that the figure did not originate from its system.

“It is worthy of note that the reported exchange rate of N1,451.63 per United States dollar for February 6, 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,” Maiwada said.

He added that the Nigeria Customs Service’s National Integrated Customs Information System neither produces real-time customs valuation data nor serves as an approved platform for live customs processing.

“The Nigeria Customs Service reiterates to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is the B’Odogwu system, which receives exchange rates directly transmitted by the Central Bank of Nigeria,” he added.

The NCS reassured stakeholders, including importers, exporters, licensed customs agents, and international partners, that its valuation process is reliable, consistent, and compliant with both statutory regulations and international best practices.