Customs Clarifies Use of Exchange Rates in Valuation Process

By Zainab Uzomah| Abuja

The Nigeria Customs Service has issued a clarification following public debate over the exchange rates applied in import and export valuation. In a statement on Monday, the Service said it does not set or alter foreign exchange rates used in its operations.

According to the statement signed by the National Public Relations Officer, Deputy Comptroller Abdullahi Maiwada, the rates used in the Customs digital clearance platform—known as B’Odogwu—are transmitted directly by the Central Bank of Nigeria, the sole authority responsible for determining official exchange rates.

The Service said all Customs formations apply these rates uniformly through an automated system designed to ensure transparency, predictability and compliance with national fiscal and monetary policies.

Customs explained that the B’Odogwu platform integrates exchange rate data through a structured digital protocol which automatically applies the figures exactly as received from the Central Bank. The system, it added, does not generate its own rates or make substitutions. Where there are changes in data transmission formats, the platform retains the last valid rate until new information is received.The statement noted that a rate of ₦1,451.63 to the US dollar quoted in some public discussions for 6 February did not originate from the Customs system, but from a legacy trade information portal that does not reflect live valuation data. It stressed that the official platform for Customs declarations and valuation remains bodogwu.customs.gov.ng.

The rate applied by the Service on 6 February, Customs said, was ₦1,365.56 to the dollar—the rate officially communicated by the Central Bank. All subsequent valuations, it added, have likewise been based strictly on the figures transmitted by the Bank.

The Nigeria Customs Service reaffirmed its commitment to transparency and to supportinglegitimate trade while maintaining full alignment with statutory guidelines and international standards.