NIGERIA CUSTOMS SERVICE EXPLAINS POLICY ON EXCHANGE RATE APPLICATION
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By: Fasasi Hammad
The Nigeria Customs Service has clarified how exchange rates are applied in customs valuation processes.
In a statement issued by its National Public Relations Officer, Abdullahi Maiwada, the Service emphasized that it does not independently set, modify, or apply margins to foreign exchange rates used for import and export valuation.
Maiwada explained that the rates applied within the B’Odogwu platform are official figures transmitted electronically by the Central Bank of Nigeria, the authority responsible for determining exchange rates under Nigeria’s monetary framework.
He noted that these rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and compliance with statutory provisions as well as national fiscal and monetary policies. The B’Odogwu system uses structured data protocols to ingest and implement exchange rates directly from the Central Bank.
The Customs spokesperson stressed that the system does not generate, replace, or modify exchange rates. If data transmission formats change, the system retains the last valid Central Bank rate until the updated feed is successfully processed, maintaining continuity, accuracy, and valuation integrity.
As part of ongoing system improvements, the Nigeria Customs Service is collaborating with the Central Bank to enable seamless API-based integration, enhancing real-time exchange rate transmission, system reliability, and operational resilience.
Maiwada clarified that the previously reported exchange rate of N1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu platform. That figure came from trade.gov.ng, a legacy public trade portal not linked to live Customs processing data. He also noted that the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation and is not recognized for live processing.
The Nigeria Customs Service reaffirmed that the authoritative platform for Customs declarations, clearance, and valuation is bodogwu.customs.gov.ng, which applies exchange rates directly transmitted by the Central Bank. For 6 February 2026, the official rate applied for Customs valuation was N1,365.56 per US dollar, and all subsequent rates have reflected official Central Bank transmissions, automatically implemented via the B’Odogwu platform according to national protocols.
The statement reiterated the Service’s commitment to transparency, consistency, and facilitating legitimate trade, while ensuring strict adherence to national fiscal and monetary policies. It assured stakeholders—including traders, licensed customs agents, and international partners—that Customs clearance and valuation remain accurate, predictable, and compliant with statutory provisions and international best practices.
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