By Peace Udugba -The daily torch media
The Nigeria Customs Service (NCS) has clarified how exchange rates are received and applied in its Customs valuation process, following recent public commentary on foreign exchange pricing, investor behaviour and trade documentation.
In a statement, the Service said it recognises the importance of informed public discourse in deepening understanding of Nigeria’s trade and revenue framework, but stressed the need to provide factual clarification on how exchange rates are processed within its digital clearance system.
According to the NCS, its Unified Customs Management System, known as B’Odogwu, serves as the sole official platform for Customs declarations, clearance and valuation. The system automatically receives and applies exchange rate data transmitted directly by the Central Bank of Nigeria (CBN) through an Application Programming Interface (API) integration.
The Service emphasised that it does not independently determine, generate, alter or apply margins to foreign exchange rates used for import and export valuation. It noted that the CBN remains the competent authority for exchange rate determination under Nigeria’s monetary framework, and that all rates applied within the B’Odogwu platform are those officially communicated by the apex bank.
The NCS explained that where there is any delay or change in data transmission formats, the system is designed to retain the last valid rate provided by the CBN until an updated feed is successfully processed. This, it said, ensures continuity, accuracy, audit integrity and full compliance with statutory and fiscal regulations.
Clarifying figures circulated in the public space, the Service stated that the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per US dollar, as officially communicated by the CBN. It added that the reported rate of ₦1,451.63 per US dollar for the same date did not originate from the B’Odogwu system but was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data.
The Service reiterated that the official and authoritative platform for Customs declarations, clearance and valuation remains
https://bodogwu.customs.gov.ng�, which receives exchange rates directly from the CBN and automatically implements them in line with established national protocols.
Reaffirming its commitment to transparency, operational reliability and best international practices, the NCS assured the trading public, licensed Customs agents and international partners that Customs valuation processes remain accurate, predictable and aligned with national fiscal and monetary policy directives.
The Service added that it will continue to strengthen its systems, enhance operational integrity and support Nigeria’s economic growth through efficient and accountable Customs administration.
