NCS Dismisses Claims of Rate Manipulation, Says B’Odogwu Platform Applies Only Official CBN Figures…
The Nigeria Customs Service has firmly denied determining or manipulating foreign exchange rates used in import and export valuation, clarifying that all rates applied on its digital clearance platform are supplied directly by the Central Bank of Nigeria.
In a statement issued on Monday by Deputy Comptroller of Customs and National Public Relations Officer Abdullahi Maiwada, the agency said it was compelled to address what it described as growing public commentary and misinformation surrounding foreign exchange pricing, investor sentiment, and customs valuation practices.
According to the Service, exchange rates used for cargo valuation are not generated internally but electronically transmitted by the apex bank and automatically integrated into its Unified Customs Management System, known as B’Odogwu.
“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation,” the statement said. “All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria.”
How the System Works
The NCS explained that B’Odogwu serves as the sole official platform for customs declarations, clearance, and valuation nationwide. Once the CBN transmits an exchange rate, it is automatically integrated into the system and uniformly applied across all Customs formations.
Officials stressed that the platform operates under strict data integration protocols. Under no circumstance, they said, does the system substitute or alter rates received from the central bank. Where there is a delay or change in transmission format, the system retains the last valid CBN-provided rate until a new feed is successfully processed, a safeguard designed to preserve valuation integrity and operational continuity.
The Service also disclosed that it is working closely with the CBN to enable seamless API-based integration, a move expected to strengthen real-time rate transmission and improve overall system resilience.
Disputing the N1,451.63 Claim
Customs specifically refuted reports that it applied an exchange rate of N1,451.63 to the dollar on February 6, 2026. That figure, the agency said, did not originate from the B’Odogwu system.
Instead, it was sourced from trade.gov.ng a legacy public trade information portal that does not reflect live customs processing data. The NCS emphasised that the National Integrated Customs Information System is not recognised for real-time customs valuation.
For clarity, the Service stated that the official exchange rate applied for customs valuation on February 6, 2026, was N1,365.56 to the dollar, in line with the rate communicated by the Central Bank of Nigeria.
Why It Matters
The clarification comes at a time of heightened sensitivity in Nigeria’s trade and investment climate. Exchange rate fluctuations have direct implications for import costs, inflation, manufacturing expenses, and government revenue.
Because customs valuation determines the duties paid on imported goods, any confusion about how exchange rates are sourced can significantly affect trade planning and investor confidence.
The Federal Government has in recent months accelerated efforts to digitise customs operations, tighten revenue collection, and eliminate leakages through platforms such as B’Odogwu, which replaced older legacy systems.
Reaffirming its position, the Nigeria Customs Service assured importers, exporters, licensed agents, and international partners that its valuation process remains transparent, predictable, and fully aligned with national fiscal and monetary policy directives.
As Nigeria continues broader monetary and fiscal reforms aimed at stabilising the naira and restoring investor confidence, the integrity of customs valuation and the systems that power it remains central to the country’s trade architecture.
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