The Nigeria Customs Service (NCS) has clarified that it does not determine exchange rates used for cargo clearance, stating that the Central Bank of Nigeria (CBN) is solely responsible for setting rates applied in import and export valuation.

The clarification was contained in an official statement published on the agency’s social media platforms on Monday, following public discussions about exchange rates used in customs processing.

Customs Explains How Exchange Rates Are Applied

According to the NCS, all foreign exchange rates used for customs valuation are electronically transmitted by the CBN and automatically integrated into its digital clearance platform, B’Odogwu. The system applies the official rates uniformly to ensure transparency, compliance with Nigeria’s monetary policy, and consistency in cargo processing.

The Service emphasized that it does not generate, alter, or apply any margins to exchange rates used for imports and exports.

“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,” the statement noted.

The agency added that the automated process helps maintain audit integrity and predictability across all Customs formations.

Backstory: Public Concern Over Exchange Rates

The clarification follows concerns raised after reports suggested that an exchange rate of N1,451.63 per dollar was used for customs valuation on February 6, 2026.

However, the NCS explained that the figure did not originate from the B’Odogwu platform but from trade.gov.ng, a legacy trade information portal that does not provide real-time customs processing data. The Service also noted that its National Integrated Customs Information System (NICIS) does not display live valuation figures.

According to the statement, the official exchange rate applied on February 6, 2026, was N1,365.56 per dollar, as communicated directly by the CBN. All subsequent rates applied within customs operations have similarly reflected official CBN rates.

What Importers and Exporters Should Know

The NCS began piloting the B’Odogwu digital platform at the Port and Terminal Multiservices Limited (PTML) Area Command on October 25, 2024, as part of efforts to modernize customs operations and improve trade facilitation.

B’Odogwu is an indigenous digital system designed to streamline cargo processing and enhance transparency. Following a successful pilot phase, the platform has been expanded to major ports including Apapa and Tincan Island.

The initiative aims to improve processing efficiency while ensuring that officially approved CBN exchange rates are applied seamlessly across customs operations.

Why This Matters

For importers, exporters, and logistics operators, the clarification reinforces that exchange rates used for cargo valuation are governed by national monetary policy rather than customs authorities. This helps ensure predictable pricing and greater confidence in Nigeria’s trade ecosystem.