NIGERIA: Nigeria Customs Service Clarifies Exchange Rate Application In Customs Valuation

By Ameenat Hamzat, Lagos, Nigeria 

The Nigeria Customs Service has issued a formal clarification addressing recent public concerns surrounding foreign exchange pricing and how exchange rates are applied in Customs valuation processes.

In a press statement released by the body on Sunday, the Service explained that exchange rates used for import and export valuation are not determined internally but are sourced directly from the Central Bank of Nigeria through its digital clearance platform, B’Odogwu.

According to the Service, the system functions as the sole official platform for Customs declarations, clearance, and valuation nationwide.

The statement emphasized that all exchange rates applied within the platform are electronically transmitted by the Central Bank and automatically integrated into Customs processes.

This structure, the Service noted, ensures uniform application across formations while maintaining transparency, predictability, and compliance with Nigeria’s fiscal and monetary framework.

The statement read: “The Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria.”

Customs further explained that its digital infrastructure is designed to preserve valuation integrity. Where transmission delays or format changes occur, the system retains the last valid Central Bank rate until updated data is processed, preventing disruption to clearance operations.

The Service added that it is working with the apex bank to implement an Application Programming Interface integration aimed at strengthening real-time transmission and system reliability.

Addressing reports of an exchange rate figure of ₦1,451.63 per dollar allegedly linked to Customs processing, the Service clarified that the figure originated from a legacy trade information portal rather than its live valuation system.

It reaffirmed that the authoritative rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per dollar, as officially communicated by the Central Bank.

The Service reiterated that B’Odogwu remains the only recognised platform for Customs valuation and clearance, urging stakeholders to rely exclusively on verified channels for trade information.

Reaffirming its operational stance, Customs assured importers, licensed agents, and international partners that its valuation framework remains consistent with statutory provisions and international best practices.

The Service stated that ongoing system upgrades are part of broader efforts to enhance accountability, operational integrity, and trade facilitation in support of

national economic growth.