The Nigeria Customs Service has firmly dismissed claims that it manipulates foreign exchange rates for import and export valuation, stressing that every rate applied on its digital clearance platform comes directly from the Central Bank of Nigeria.
In a statement issued by its spokesperson, Abdullahi Maiwada, the Service said recent public commentary had fuelled misconceptions about how exchange rates are set within its B’Odogwu unified clearance system, the sole official platform for customs declarations and valuation nationwide. He emphasised that Customs neither determines nor alters exchange rates, which are electronically transmitted by the Central Bank and automatically integrated across all commands to ensure consistency, transparency and compliance with national policy.
The agency also rejected reports that it used an exchange rate of ₦1,451.63 to the dollar on 6 February 2026, clarifying that the figure originated from a legacy trade portal and not from its operational system. The official rate applied on that date, Customs said, was ₦1,365.56 per dollar, as provided by the Central Bank and implemented without modification through B’Odogwu.
Maiwada added that the system is designed to retain the last valid Central Bank rate if data feeds change, preserving accuracy and valuation integrity, while ongoing collaboration between Customs and the apex bank will enable real-time API-based rate transmission. He reassured importers, exporters and international partners that Nigeria’s customs valuation process remains predictable, transparent and aligned with global best practice, even as exchange rate volatility continues to shape trade costs, inflation and investor confidence.