Nigeria Customs Clarifies Forex Rates

The Nigeria — Nigeria Customs Service (NCS) issued a statement clarifying its role in applying foreign exchange rates for import and export valuation. The NCS emphasized that it does not independently determine or manipulate these rates, but rather relies solely on official figures electronically transmitted by the Nigeria — Central Bank of Nigeria (CBN). This clarification comes amid public commentary on foreign exchange pricing and customs valuation practices. The NCS stated that its digital clearance platform, B'Odogwu, automatically integrates and uniformly applies the CBN's official rates across all customs formations. The Service also dismissed reports of an exchange rate of N1,451.63 per United States on February 6, 2026, stating the correct official rate for that date was N1,365.56 per United States. The NCS is collaborating with the CBN to implement API-based integration for real-time exchange rate transmission, aiming to strengthen operational reliability and system resilience. This initiative is part of broader efforts by the Federal Government of Nigeria to digitize customs processes, improve revenue collection, and stabilize the Nigeria — Nigerian naira.