Nigeria Customs Service Affirms Exclusive Use of Central Bank Forex Rates in Valuation Process
The Nigeria Customs Service (NCS) has issued a detailed clarification on its foreign exchange rate application for trade valuation, stating it strictly uses rates transmitted by the Central Bank of Nigeria (CBN) and does not source or alter figures independently.
In a statement, NCS National Public Relations Officer Abdullahi Maiwada explained that the Service’s digital clearance platform, the Unified Customs Management System (B’Odogwu), automatically integrates official forex rates directly from the CBN. This system serves as the sole official portal for all customs declarations, clearance, and valuation across Nigeria.
The clarification responds to public queries regarding a specific exchange rate of ₦1,451.63 per US dollar circulating for February 6, 2026. The NCS explicitly stated this figure did not originate from its B’Odogwu system but was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live customs processing data.
Maiwada emphasized that the NCS neither determines nor manipulates exchange rates under any circumstance. “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.
He further clarified that once received from the apex bank, the rates are applied uniformly across all NCS commands nationwide. This process is designed to ensure transparency, predictability, and compliance with statutory fiscal and monetary policies. The B’Odogwu system operates through structured data-integration protocols that ingest and implement the rate feeds exactly as transmitted by the CBN.
This operational framework is significant as it directly addresses concerns about consistency and authority in trade valuation. For importers and exporters, it means customs duties and valuations are calculated using a single, officially sanctioned forex rate, reducing uncertainty in clearance procedures.
The NCS’s reaffirmation underscores its role as an implementing agency for national monetary policy rather than a participant in forex rate-setting. By anchoring its processes firmly to CBN data, the Service aims to maintain integrity in trade facilitation and align with broader government efforts to streamline border management and improve the business environment. This transparency is crucial for maintaining stakeholder confidence and ensuring predictable cost structures for international trade operators in Nigeria.
