CBN rates, not Customs drive cargo valuation
Nigeria Customs Service (NCS) has dispelled market speculation over foreign exchange rates used for cargo valuation, insisting that it applies only official rates supplied by the Central Bank of Nigeria
Nigeria Customs Service (NCS) has dispelled market speculation over foreign exchange rates used for cargo valuation, insisting that it applies only official rates supplied by the Central Bank of Nigeria (CBN) through its digital clearance platform, B’Odogwu.
The clarification follows public commentary linking exchange-rate movements to investor behaviour and port-side valuation outcomes. In a statement signed by its spokesperson, Abdullahi Maiwada, Customs said it neither sets nor adjusts FX rates for imports and exports, underscoring that valuation across ports nationwide is automated, uniform and policy-compliant.
“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,” the Service stated.
Customs explained that B’Odogwu, its Unified Customs Management System and sole official platform for declarations, clearance and valuation, receives FX rates directly from the CBN.
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According to the service, once transmitted, the rates are automatically integrated and applied across all Customs formations, a process the Service says guarantees “transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives.”
The Service stressed that the system is designed not to generate or substitute rates. Where transmission formats change, B’Odogwu retains the last valid CBN-provided rate until an updated feed is processed, ensuring continuity in cargo valuation.
Customs added that it is working with the CBN to enable seamless API-based integration to strengthen real-time transmission and operational resilience.
Addressing figures circulating in the market, Customs said the N1,451.63/US$ rate reported for 6 February 2026 did not originate from B’Odogwu. According to the Service, the number came from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data. It also noted that the National Integrated Customs Information System (NICIS) is not recognised for live Customs processing.
“The sole authoritative platform for Customs declarations, clearance, and valuation is [https://bodogwu.customs.gov.ng](https://bodogwu.customs.gov.ng), which receives exchange rates directly transmitted by the Central Bank of Nigeria,” the statement said.
Customs also noted that the exchange rate applied for valuation on 6 February 2026 was N1,365.56/US$, as officially communicated by the CBN, adding that all subsequent rates have followed the same automated protocol.
In closing, the NCS reaffirmed its commitment to trade facilitation and policy alignment, a reassurance likely to resonate with shipping lines, terminal operators, licensed customs agents and import-export businesses grappling with FX volatility.
“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 Service said, assuring stakeholders that clearance and valuation processes remain “accurate, predictable, and aligned with statutory provisions and international best practices.”
