The Nigeria Customs Service (NCS) has issued a clarification regarding the application of foreign exchange rates in Customs valuation, following recent public commentary on exchange rate pricing and investor behaviour.
The Service emphasised that it does not independently determine or alter exchange rates used for import and export valuation. Instead, all rates applied within its digital clearance system, B’Odogwu, are official figures electronically transmitted by the Central Bank of Nigeria (CBN).
According to the NCS, the B’Odogwu platform serves as the sole official system for Customs declarations, clearance, and valuation. The Service explained that exchange rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, and compliance with statutory provisions and national fiscal and monetary policy directives.
The system is designed to retain the last valid CBN-provided rate until updated feeds are processed, thereby preserving continuity and valuation integrity. Efforts are underway to strengthen real-time exchange rate transmission through Application Programming Interface (API)-based integration with the CBN.
The Service also addressed reports of an exchange rate of ₦1,451.63 per US dollar on February 6, 2026, clarifying that the figure originated from a legacy trade information portal, not the B’Odogwu system. For that date, the official exchange rate applied for Customs valuation was ₦1,365.56 per US dollar, as communicated by the CBN.
The NCS reiterated that the authoritative platform for Customs valuation remains https://bodogwu.customs.gov.ng, which directly receives rates from the Central Bank.
Reaffirming its commitment to transparency and consistency, the NCS assured 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 pledged to continue strengthening its systems to support Nigeria’s economic growth through efficient and accountable Customs administration.
