Customs clarifies forex rate, disowns N1,451 figure
The management of the Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation, stressing that it neither determines nor alters exchange
The management of the Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation, stressing that it neither determines nor alters exchange rates used in cargo clearance, but relies solely on official figures transmitted by the Central Bank of Nigeria (CBN).
In a statement released by its National Public Relations Officer, Abdullahi Maiwada, the Service said recent public commentary surrounding forex pricing, investor reactions, and customs valuation had prompted it to explain the operational framework guiding its digital clearance platform.
According to Vustoms, all exchange rates used in trade processing are automatically integrated into its Unified Customs Management System, known as B’Odogwu, which it described as the sole official portal for declarations, clearance and valuation.
Advertisement
300x250
The system, it said, receives rates electronically from the apex bank and applies them uniformly across commands nationwide, ensuring transparency, predictability, and compliance with statutory fiscal and monetary policies.
The NCS emphasised that it does not generate or manipulate exchange rates under any circumstances. Instead, it explained that the platform operates structured data-integration protocols designed to ingest and apply exchange-rate feeds exactly as transmitted.
Read Also: Alleged N10b fraud: Kogi governor's aide, others' statements not made under duress - witness
Where there is a temporary change in transmission format or delay, the system is programmed to retain the last valid rate provided by the CBN until an updated feed is successfully processed, thereby preserving valuation continuity and accuracy.
Officials disclosed that the Service is currently collaborating with the central bank to implement an Application Programming Interface-based integration that would allow real-time rate transmission. The initiative, the statement noted, is intended to enhance operational reliability, strengthen audit integrity, and improve system resilience across customs processes.
Advertisement
300x250
The clarification followed reports circulating in parts of the trading community referencing an exchange rate of N1,451.63 to one United States dollar for 6 February 2026.
The NCS firmly distanced itself from that figure, stating it did not originate from the B’Odogwu system. Rather, it said, the number was sourced from trade.gov.ng, which it described as a legacy public information portal that does not reflect live customs processing data.
Similarly, the Service said the National Integrated Customs Information System (NICIS) does not provide real-time valuation figures and should not be regarded as an authoritative source for current customs exchange rates.
The Service pledged continued commitment to transparency, consistency, and trade facilitation, assuring importers, exporters, licensed agents, and international partners that Nigeria’s customs valuation system remains accurate, predictable, and aligned with both national regulations and global best practices.
The added that it would continue in strengthening digital infrastructure and operational safeguards in order to support legitimate trade flows and contribute to Nigeria’s broader economic growth through accountable and efficient customs administration.
