Customs clarifies forex rate use in cargo valuation, affirms CBN as sole source

The Nigeria Customs Service (NCS) has clarified concerns over the foreign exchange rates used in customs valuation, stressing that it does not determine or manipulate exchange rates applied to import and export declarations.

Customs, in a statement issued on Monday by its National Public Relations Officer, Abdullahi Maiwada, explained that all exchange rates used for cargo valuation on its digital clearance platform, B’Odogwu, are officially supplied by the Central Bank of Nigeria (CBN).

The NCS noted that the B’Odogwu Unified Customs Management System is the only authorised platform for customs declarations, clearance and valuation nationwide, adding that it automatically receives and applies exchange rates transmitted electronically by the CBN.

The NCS emphasised that it does not generate, adjust or apply margins to any foreign exchange rate used in the system, noting that the automated process ensures uniform application of rates across all customs formations, promotes transparency and supports audit integrity.

Customs further explained that the system is designed to retain the last valid CBN-provided rate only when there is a temporary change in data transmission format, until an updated feed is successfully processed, in order to maintain continuity and valuation accuracy.

As part of ongoing system upgrades, the Service disclosed that it is working with the CBN to deploy an Application Programming Interface (API) for improved real-time exchange rate transmission and greater operational reliability.

It said: “The B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the Central Bank of Nigeria.

“Under no circumstances does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system is designed to retain the last valid Central Bank-provided rate until the updated feed is successfully processed,
thereby preserving continuity, accuracy, and valuation integrity.

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“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is working with the Central Bank of Nigeria to enable seamless Application Programming Interface
(API)-based integration, further strengthening real-time exchange rate transmission, operational reliability, and system resilience.”

The NCS also clarified that a widely circulated exchange rate of N1,451.63 to the United States dollar on February 6, 2026, did not originate from the B’Odogwu system.

The Service stated that the figure was obtained from a legacy public trade portal which does not reflect live customs processing data.

Likewise, the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live Customs processing. The Nigeria Customs Service reiterates to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is https://bodogwu.customs.gov.ng, which receives exchange rates directly transmitted by the Central Bank of Nigeria.

The NCS said: “For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was N1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria.

“All subsequent exchange rates applied by the Service have likewise reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols.”

The Star