- Says It Does Not Independently Determine, Generate FX Rates For Import, Export Valuation
- All FX Rates Applied Within B’Odogwu Platform Are Electronically Transmitted By CBN
The Nigeria Customs Service (NCS) has clarified its role in the application of foreign exchange rates for import duty valuation, following growing public debate over the introduction of what is being termed a third foreign exchange (FX) window.
TheMatrix Newspaper had exclusively reported a few days ago that Nigeria’s foreign exchange policy is facing renewed scrutiny as indications have come to light that the NCS applies a foreign exchange rate for import duty assessment that diverges sharply from the official Central Bank of Nigeria (CBN) rate and the parallel market rate.
According to the exclusive report, a visit to the Customs trade portal https://trade.gov.ng/en/late on Sunday, February 8, 2026 shows that the customs’ official import rate stood at N1.451.63/$1 while the official rate from the CBN stood at N1.366.19/$1, a whopping N85.44 difference.
This triggered concerns and apprehension about the emergence of a Third FX Regime: NFEM for official transactions, parallel market for private sourcing and Customs FX rate which is seen as a punitive benchmark.
Reacting to the outcry that trailed the report, the Service in a statement issued on February 16, 2026, explained that all exchange rates used in its Unified Customs Management System, known as B’Odogwu, are electronically transmitted by the CBN.
“The Customs platform automatically integrates these rates across all formations, ensuring transparency and compliance with national monetary policy” Deputy Comptroller of Customs Abdullahi Maiwada, the Service’s National Public Relations Officer clarified.
The NCS emphasized that under no circumstances does the B’Odogwu system generate or substitute exchange rates. Instead, it retains the last valid CBN-provided rate until new data is successfully processed. The Service added that it is working with the CBN to enable seamless API-based integration for real-time exchange rate transmission.
Clarifying recent reports, the agency noted that the widely circulated figure of ₦1,451.63 per US dollar for February 6, 2026, did not originate from its system.
“That rate was sourced from a legacy trade portal, trade.gov.ng, which does not reflect live Customs data. The official rate applied for Customs valuation on that date was ₦1,365.56 per dollar, as communicated by the CBN”.
The Service reiterated that the only authoritative platform for Customs declarations and valuation is bodogwu.customs.gov.ng, which directly receives exchange rates from the Central Bank.
Maiwada said the agency remains committed to transparency, consistency, and facilitating legitimate trade. He assured stakeholders that Customs clearance processes are aligned with statutory provisions and international best practices, while supporting Nigeria’s economic growth through efficient administration.
