NCS Denies FX Rates Manipulation for Import, Export Valuation
The Nigeria Customs Service (NCS) has firmly denied claims that it manipulates foreign exchange rates for import and export valuation.
The service says it neither determines, generates, nor alters exchange rates applied in customs processing across the country.
In a statement issued in Abuja, its spokesperson, Abdullahi Maiwada, said the B’Odogwu digital platform only applied rates officially transmitted by the Central Bank of Nigeria (CBN).
He stressed that the apex bank remained the sole statutory authority responsible for exchange rate determination under Nigeria’s monetary and fiscal framework.
“These rates are electronically transmitted and automatically integrated into our system without human interference.
“They are uniformly applied across all customs formations to guarantee transparency, predictability, audit integrity and strict compliance with national policy directives,” Maiwada said.
The clarification follows recent public commentary and reports questioning foreign exchange pricing and customs valuation practices. Maiwada said a reported rate of N1,451.63 per dollar on Feb. 6 did not originate from the B’Odogwu platform.
According to him, the figure was sourced from trade.gov.ng, a legacy public trade portal not used for live customs processing.
He also clarified that the National Integrated Customs Information System did not provide real-time valuation data for clearance purposes.
“It is not recognised as a live customs processing platform and should not be relied upon for current valuation figures,” he said.
According to him, the only authoritative portal for customs declarations and valuation is https://bodogwu.customs.gov.ng. He said the platform receives exchange rates directly from the Central Bank and applies them automatically nationwide.
“For clarity and transparency, the exchange rate applied on 6 February 2026 was N1,365.56 per dollar.
“That rate was officially communicated by the CBN and duly reflected across all customs formations,” he said.
He explained that the B’Odogwu system operates structured data integration protocols designed to prevent manual interference. “Under no circumstances does the system generate, substitute or alter exchange rates,” Maiwada said.
He noted that where data transmission formats change, the platform retained the last valid Central Bank rate until updated feeds were processed. He said this safeguard preserved continuity, accuracy and valuation integrity within customs operations.
Maiwada disclosed that the service was collaborating with the Central Bank to enable seamless API-based integration. He said the upgrade would further strengthen real-time rate transmission, operational reliability and overall system resilience.
He assured the trading public, licensed customs agents and international partners of continued accuracy in customs processes. “The NCS remains firmly committed to transparency, consistency and facilitating legitimate trade,” he said.
He added that the service would continue strengthening operational systems while supporting Nigeria’s economic growth through accountable customs administration. Zenith Bank, GTCO, UBA Surge Boost Banking Index
