BREAKING – Nigeria Customs Clarifies Exchange Rate Application in Customs Valuation
The Nigeria Customs Service (NCS) has issued a clarification regarding how exchange rates are applied in Customs valuation, following recent public discussions about foreign exchange pricing and import duty calculations.
The Service explained that exchange rates used for import and export valuation are not determined by Customs. Instead, they are officially provided by the Central Bank of Nigeria (CBN) and automatically integrated into the Customs digital clearance platform known as B’Odogwu.
Customs Does Not Set Exchange Rates
According to the NCS, it does not generate, adjust, or apply margins to exchange rates. All rates used in Customs valuation are electronically transmitted by the Central Bank of Nigeria, which is the legally recognised authority responsible for exchange rate determination under Nigeria’s monetary framework.
Once received, these official rates are automatically uploaded into the B’Odogwu system and applied uniformly across all Customs formations nationwide. This process ensures:
– Transparency
– Predictability
– Compliance with fiscal and monetary policies
– Audit integrity
Addressing the ₦1,451.63 Exchange Rate Controversy
The Service also addressed public commentary regarding an exchange rate of ₦1,451.63/US$ reportedly applied on 6 February 2026. According to the NCS:
That figure did not originate from the B’Odogwu platform. It was sourced from trade.gov.ng, a legacy public trade information portal.
The National Integrated Customs Information System (NICIS) does not provide real-time valuation data and is not recognised for live Customs processing. The officially applied exchange rate for Customs valuation on 6 February 2026 was:
₦1,365.56 per US Dollar, as communicated directly by the Central Bank of Nigeria. The Service emphasised that all rates used for valuation reflect official CBN transmissions and are automatically implemented through the B’Odogwu system.
What This Means for Importers and Clearing Agents
For importers, exporters, and clearing agents in Nigeria, this clarification reinforces an important point: Customs duties are calculated using official CBN exchange rates, automatically applied within the official Customs platform. Customs does not independently adjust or manipulate these figures.
To avoid misinformation or confusion: Always verify rates through official Customs channels.
Rely on the B’Odogwu platform for accurate valuation data. Work with licensed professionals who understand the Customs valuation process.
Final Note for Importers
Exchange rate fluctuations will always influence Customs valuation.
However, understanding where those rates originate and how they are applied is essential for accurate cost planning and smoother cargo clearance operations. If you require guidance on how exchange rate movements may impact your upcoming shipment, consult with a knowledgeable clearing and freight professional before initiating your declaration process.
For further guidance on Customs valuation, duty calculations, or cargo clearance procedures, you may explore our Step-by-Step Guide to Clearing Goods and Cargo in Nigeria or contact our team for professional support.
