February 16, (THEWILL) — The Nigeria Customs Service (NCS) has clarified public concerns over foreign exchange rates and Customs valuation practices, reaffirming that all rates applied in import and export transactions come directly from the Central Bank of Nigeria (CBN) and that its B’Odogwu platform remains the sole official system for Customs declarations, clearance, and valuation.
In a statement signed by Abdullahi Maiwada, Deputy Comptroller of Customs and National Public Relations Officer, the NCS stressed that it does not independently determine, alter, or apply margins to exchange rates.
“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the CBN, ensuring transparency, predictability, and compliance with national fiscal and monetary policies”, the statement said.
The Service explained that B’Odogwu operates on structured data integration protocols that automatically ingest and apply official CBN rates. In the event of a transmission delay, the system temporarily retains the last valid rate to ensure continuity and valuation accuracy. Ongoing enhancements include API-based integration with the CBN, aimed at strengthening real-time rate transmission and operational reliability.
The NCS also clarified that a recently reported rate of ₦1,451.63/US$ for February 6, 2026, did not originate from B’Odogwu. That figure came from a legacy public trade portal, trade.gov.ng, which does not reflect live Customs processing data. The official rate applied on that date was ₦1,365.56 per US Dollar, as communicated by the CBN.
The Service assured traders, licenced Customs agents, and international partners that all subsequent rates applied through B’Odogwu continue to reflect official CBN rates, maintaining accuracy and consistency in Customs valuation.
The NCS further reaffirmed its commitment to facilitating legitimate trade, ensuring transparency, and supporting Nigeria’s economic growth through efficient and accountable Customs administration.
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