Customs refute forex manipulation claims, reaffirm CBN authority over import valuation rates

The Nigeria Customs Service has firmly dismissed claims that it fixes or manipulates foreign exchange rates used for the valuation of imports and exports, stressing that all applicable rates are determined solely by the Central Bank of Nigeria and electronically transmitted to Customs systems.

The clarification was contained in a statement issued on Monday by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, titled “Nigeria Customs Service clarifies exchange rate application in customs valuation.” According to the Service, the statement became necessary following growing public debate around foreign exchange pricing, investor confidence, and Customs valuation procedures.

Maiwada explained that while the Service welcomes informed public discourse on Nigeria’s trade and revenue ecosystem, it was important to set the record straight to prevent the spread of misinformation that could undermine confidence in the country’s import and export processes.

“The Nigeria Customs Service acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices. The Service recognises the value of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment,” he said.

He added, “In this regard, it is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation.”

Maiwada stressed that the Customs Service has no authority to set, adjust, or influence exchange rates used in trade valuation, noting that the responsibility lies squarely with the apex bank.

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“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. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework,” he said.

He further explained that once transmitted by the CBN, the rates are automatically integrated into the B’Odogwu platform and applied uniformly across all Customs formations nationwide, ensuring consistency and transparency in valuation.

“These rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives,” he added.

The Customs spokesperson reiterated that B’Odogwu is the sole authorised system for Customs declarations, clearance, and valuation in Nigeria, operating on structured data integration protocols that directly ingest exchange rate information from the apex bank.

“Under no circumstance does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system is designed to retain the last valid Central Bank-provided rate until the updated feed is successfully processed, thereby preserving continuity, accuracy, and valuation integrity,” Maiwada said.

He disclosed that the Service is currently working closely with the Central Bank to further strengthen real-time exchange rate transmission through improved technological integration.

“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is collaborating with the Central Bank of Nigeria to enable seamless API-based integration, further strengthening operational reliability, system resilience, and real-time exchange rate transmission,” he said.

Addressing reports that Customs applied an exchange rate of N1,451.63 to the dollar on February 6, 2026, Maiwada dismissed the claim, stating that the figure did not originate from the B’Odogwu platform.

“It is worthy of note that the reported exchange rate of N1,451.63 per United States dollar for February 6, 2026, did not originate from the B’Odogwu system. That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” he said.

He further clarified that the National Integrated Customs Information System does not provide real-time Customs valuation figures and is not recognised for live Customs processing.

“The Nigeria Customs Service reiterates to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is the B’Odogwu system, which receives exchange rates directly transmitted by the Central Bank of Nigeria,” he added.

Providing additional clarification, the Service stated that the official exchange rate applied for Customs valuation on February 6, 2026, was N1,365.56 to the dollar, as communicated by the CBN.

“For clarity and transparency, the exchange rate applied for Customs valuation on that date was N1,365.56 per United States dollar and all subsequent exchange rates have reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols,” Maiwada stated.

The Service assured importers, exporters, licensed Customs agents, manufacturers, and international partners that the valuation process remains accurate, predictable, and fully aligned with statutory requirements and global best practices.

“The Nigeria Customs Service remains firmly committed to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives. The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration,” he added.

The clarification comes at a time of heightened sensitivity in Nigeria’s trade and investment environment, where exchange rate movements directly affect import costs, inflation, and government revenue. Stakeholders have repeatedly raised concerns over volatility in the foreign exchange market and its impact on production costs and consumer prices.

Given the critical role Customs valuation plays in determining import duties, the Service said accurate information about exchange rate sources is essential for investor confidence, trade planning, and the success of ongoing reforms aimed at digitising Customs operations, boosting revenue, and improving transparency in Nigeria’s trade framework.

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