By Tunde Ojudun
The Nigeria Customs Service (NCS) has taken time to explain how exchange rates are received, processed, and applied. Acknowledging recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices, in the interest of transparency and informed public discourse, the Service provides the following clarification on how exchange rates are received, processed, and applied within its digital clearance system.
The NCS explains that it does not independently determine, generate, or adjust foreign exchange rates. It stressed that all rates used for import and export valuation are official figures transmitted electronically by the Central Bank of Nigeria (CBN), the sole authority for exchange rate determination under Nigeria’s monetary framework. These rates are automatically integrated into the B’Odogwu Unified Customs Management System, ensuring uniform application across all Customs formations.
The B’Odogwu platform operates on structured data integration protocols that ingest and apply CBN-provided rates without alteration.
If there is a delay or change in transmission format, the system retains the last valid CBN rate until the updated feed is processed, safeguarding continuity and valuation accuracy.
The Service stated that ongoing collaboration with the CBN is focused on enabling API-based integration for real-time transmission, enhancing reliability and resilience.
It denied that the reported exchange rate of ₦1,451.63/US$ for 6 February 2026 originated from the B’Odogwu system. That figure was said to have been sourced from trade.gov.ng, a legacy portal that does not reflect live Customs processing data.
Similarly, the National Integrated Customs Information System (NICIS) is not recognised for real-time Customs valuation. The Service maintained that the authoritative platform for Customs declarations, clearance, and valuation remains https://bodogwu.customs.gov.ng.
For 6 February 2026, the exchange rate applied for Customs valuation was ₦1,365.56 per US Dollar, as officially communicated by the CBN.
All subsequent rates have likewise reflected official CBN transmissions, automatically implemented through the B’Odogwu platform in line with national protocols.
The Nigeria Customs Service reaffirms its commitment to transparency and consistency in Customs valuation; strict compliance with fiscal and monetary policy directives, facilitation of legitimate trade and predictable clearance processes; and strengthening of systems to support Nigeria’s economic growth through efficient and accountable Customs administration.