Customs rejects N1,451/$ claim, Insists CBN sends official rates

The Nigeria Customs Service (NCS) has denied claims that it manipulates foreign exchange rates used for clearing goods at Nigerian ports.

In a statement issued on Monday by its National Public Relations Officer, Abdullahi Maiwada, the Service explained that it does not decide or change exchange rates for imports and exports.

According to the NCS, all exchange rates used on its digital platform are officially sent by the Central Bank of Nigeria (CBN), which is responsible for determining exchange rates in the country.

The Customs Service said the clarification became necessary because of recent public discussions about foreign exchange rates, investor concerns, and customs valuation processes.

Maiwada explained that the NCS uses a digital system known as B’Odogwu, a Unified Customs Management System. This platform is the only official system for customs declarations, goods clearance, and valuation in Nigeria. He stressed that the system does not create, adjust, or add any margin to exchange rates.

According to him, exchange rates are automatically transmitted electronically from the Central Bank of Nigeria to the B’Odogwu system. The rates are then applied across all customs offices nationwide. He added that the system is designed to ensure transparency, accuracy, and compliance with government monetary and fiscal policies.

Maiwada also said that if there is any delay or change in data transmission, the system will continue to use the last valid exchange rate provided by the CBN until a new rate is successfully received. This ensures continuity and prevents errors in valuation.

The Service further revealed that it is working closely with the Central Bank of Nigeria to improve real-time transmission of exchange rates through Application Programming Interface (API) integration. This, it said, will make the system more reliable and efficient.

The NCS also rejected reports that it applied an exchange rate of N1,451.63 to one US dollar on February 6, 2026. It said the figure did not come from its B’Odogwu system but from trade.gov.ng, an old public trade information website that does not provide live customs processing data.

According to the Customs Service, the official exchange rate used for customs valuation on February 6, 2026, was N1,365.56 to one US dollar, as provided by the Central Bank of Nigeria.

The NCS assured importers, exporters, licensed customs agents, and international partners that its valuation process remains accurate, transparent, and in line with national laws and international best practices.

The clarification comes at a time when exchange rate changes are affecting import costs, inflation, and government revenue. Many importers and manufacturers have raised concerns about how exchange rate fluctuations impact their businesses.

The Customs Service said it remains committed to transparency, efficient trade processes, and supporting Nigeria’s economic growth.