Nigeria Customs Service Clarifies B’Odogwu Exchange Rate Application, Reaffirms Transparency in Valuation

The Nigeria Customs Service (NCS) has addressed recent public discourse regarding foreign exchange rates and Customs valuation, emphasizing the integrity, transparency, and accuracy of its processes. The Service reassured traders, investors, and the general public that all exchange rates used for import and export valuation are strictly sourced from the Central Bank of Nigeria (CBN) and applied automatically through its digital clearance platform, B’Odogwu.

In a detailed clarification, the NCS explained that it does not independently set, modify, or apply any margin to foreign exchange rates. All rates integrated into the B’Odogwu Unified Customs Management System—the official platform for Customs declarations, clearance, and valuation—are electronically transmitted by the CBN, Nigeria’s sole authority on monetary policy. This automatic integration ensures uniformity, auditability, and adherence to statutory and fiscal regulations across all Customs formations.

The NCS further highlighted the operational reliability of the B’Odogwu system, noting that it strictly follows structured data integration protocols. The platform maintains continuity and accuracy even if data transmission formats from the CBN change, automatically retaining the last valid rate until updates are fully processed.

To strengthen real-time operations, the Service is collaborating with the CBN to implement API-based integration, enhancing exchange rate transmission and system resilience.

Addressing recent media reports, the NCS clarified that the widely circulated exchange rate of ₦1,451.63 per US dollar for February 6, 2026, did not originate from B’Odogwu but from trade.gov.ng, a public information portal not linked to live Customs processing. Similarly, the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation and is not recognised for operational Customs transactions.

For transparency, the official exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per US dollar, as transmitted by the CBN. Subsequent valuations continue to reflect official rates implemented automatically via B’Odogwu in compliance with national protocols.

The NCS reiterated its commitment to facilitating legitimate trade, ensuring accurate Customs valuation, and maintaining operational predictability. By upholding statutory provisions, aligning with international best practices, and continuously enhancing its systems, the Service aims to strengthen stakeholder confidence, support Nigeria’s economic growth, and foster a transparent trade environment.

The Nigeria Customs Service clarifies that all Customs valuations use official exchange rates from the Central Bank of Nigeria, automatically applied via the B’Odogwu platform, reinforcing transparency, accuracy, and compliance with national policies.