Nigeria Customs Clarifies Exchange Rate Used for Import Valuation

The Nigeria Customs Service (NCS) has issued a formal clarification on how exchange rates are applied in Customs valuation, following recent public discussions surrounding foreign exchange pricing and its impact on trade and investor behaviour.
In a statement addressing the concerns, the Service explained that exchange rates used for import and export valuation are not determined internally by Customs but are officially supplied by the Central Bank of Nigeria (CBN). According to the NCS, all rates applied within its digital clearance platform, known as B’Odogwu, are electronically transmitted by the apex bank and automatically integrated into the system without alteration.
The Service emphasised that it does not generate, adjust, or apply margins to foreign exchange rates. Instead, the B’Odogwu Unified Customs Management System is structured to receive and uniformly apply official rates across all Customs formations nationwide. This automated process, it noted, ensures transparency, predictability, audit integrity, and compliance with Nigeria’s fiscal and monetary policies.
Explaining how the system works, the NCS stated that B’Odogwu operates on structured data integration protocols that automatically ingest exchange rate information from the Central Bank. In situations where there are changes in transmission formats, the system is designed to retain the last valid CBN-provided rate until an updated feed is successfully processed. This safeguard, the Service said, protects valuation accuracy and operational continuity.
The clarification comes amid reports that an exchange rate of ₦1,451.63 per United States Dollar was applied for Customs valuation on 6 February 2026. The NCS firmly denied this claim, stating that the figure did not originate from the B’Odogwu system. Instead, it was sourced from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data. The Service also noted that the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live processing.
According to the NCS, the actual exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per dollar, as officially communicated by the Central Bank of Nigeria. The Service added that all subsequent rates have likewise reflected the official rates transmitted by the apex bank and automatically implemented through its clearance platform.
As part of ongoing reforms, the NCS disclosed that it is working with the Central Bank to enable seamless Application Programming Interface (API)-based integration. This development is expected to enhance real-time exchange rate transmission, strengthen operational reliability, and improve system resilience.
Reaffirming its commitment to transparency and trade facilitation, the Nigeria Customs Service assured stakeholders—including importers, licensed customs agents, and international partners—that clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and global best practices.
The Service reiterated that B’Odogwu remains the sole authoritative platform for Customs declarations, clearance, and valuation, and pledged to continue strengthening its systems in support of Nigeria’s economic growth.