Customs denies manipulating FX Rates, says CBN sole authority on trade valuation -

By David Akinadewo-Adekahunsi

The Nigeria Customs Service has clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation, stressing that all rates applied in its clearance processes are supplied directly by the Central Bank of Nigeria.

In a statement addressing recent public commentary on exchange rate pricing and customs valuation, the Service said its digital clearance platform, B’Odogwu, operates as the sole official system for declarations, clearance and valuation, automatically integrating exchange rates transmitted by the apex bank.

According to the agency, it neither generates nor alters exchange rates, noting that all rates applied across customs formations are electronically received from the Central Bank and uniformly implemented to ensure transparency, predictability and compliance with fiscal and monetary policies.

The Service explained that the system is designed to retain the last valid rate supplied by the Central Bank where data transmission formats change, pending successful processing of updated feeds, to maintain valuation accuracy and operational continuity.

It added that efforts were underway, in collaboration with the Central Bank, to strengthen real-time exchange rate transmission through Application Programming Interface (API) integration to enhance system reliability and efficiency.

Customs also dismissed reports attributing an exchange rate of ₦1,451.63 to its platform on February 6, 2026, stating that the figure originated from a legacy trade portal and not from its processing system.

It maintained that the official rate applied for customs valuation on the date was ₦1,365.56 per dollar, as communicated by the Central Bank.

Reaffirming its commitment to transparency and trade facilitation, the Service assured importers, exporters, customs agents and international partners that valuation and clearance procedures remain consistent with statutory provisions and global best practices, while supporting Nigeria’s broader economic and revenue objectives.