The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation.
The Service, in a statement by its National Public Relations Officer, Abdullahi Maiwada, explained that it neither determines nor alters exchange rates used in cargo clearance, but relies solely on official figures transmitted by the Central Bank of Nigeria (CBN).
Maiwada stated that recent public commentary surrounding forex pricing, investor reactions, and customs valuation had prompted NCS to explain the operational framework guiding its digital clearance platform.
“It is worthy of note that the reported exchange rate of ₦1,451.63/US$ for 6 February 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,” it stated.
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