NCS
Olamilekan Abayomi
The Nigeria Customs Service has clarified that the reported exchange rate of ₦1,451/$1 is incorrect and does not originate from their official platform, B’Odogwu. According to Abdullahi Maiwada, spokesperson for the Customs Service, the actual exchange rate applied on February 6, 2026, was ₦1,365.56 per dollar, as communicated by the Central Bank of Nigeria (CBN).
The Customs Service emphasized that it does not manipulate or alter exchange rates, and the B’Odogwu platform receives rates directly from the CBN, applying them uniformly across all customs formations to ensure transparency and predictability. Maiwada stated that the reported rate was sourced from (link unavailable), a legacy public trade portal not used for live customs processing .
The clarification follows recent public commentary and reports questioning foreign exchange pricing and customs valuation practices. The Customs Service assured stakeholders that their clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices .
The B’Odogwu system operates structured data integration protocols, preventing manual interference and ensuring exchange rates are applied as transmitted by the CBN. The National Integrated Customs Information System (NICIS) does not provide real-time valuation figures and is not recognized for live customs processing.
The Customs Service is collaborating with the CBN to enable seamless Application Programming Interface (API)-based integration, strengthening real-time exchange rate transmission, operational reliability, and system resilience. This upgrade aims to enhance transparency and accountability in customs processes.
Maiwada reiterated that the CBN remains the sole statutory authority responsible for exchange rate determination under Nigeria’s monetary and fiscal framework. The Customs Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable customs administration.
The clarification has implications for importers, exporters, and licensed customs agents, ensuring they rely on accurate and official exchange rates for customs declarations and valuation. The Customs Service assured international partners of continued accuracy and transparency in customs processes.
