NCS reacts to claims of forex rate manipulation

Tuesday, February 17 2026 -The Nigeria Customs Service on Monday clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation, stressing that all rates applied on its digital clearance platform are officially transmitted by the Central Bank of Nigeria.

The Service made the clarification in a statement issued by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, titled, “Nigeria Customs Service clarifies exchange rate application in customs valuation.” The agency said the explanation became necessary following recent public commentary on foreign exchange pricing, investor behaviour, and customs valuation practices.

According to the statement, the NCS recognised the importance of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment, but stressed that factual clarification was required to prevent misinformation.

Maiwada said, “The Nigeria Customs Service acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices.

The Service recognises the value of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment.

“In this regard, it is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation.

“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework.”

He explained that the rates are automatically integrated and uniformly applied across all Customs formations nationwide. “These rates are automatically integrated and uniformly applied across all Customs formations, ensuring transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives,” he added.

The NCS said the B’Odogwu platform, a Unified Customs Management System, serves as the sole official system for Customs declarations, clearance, and valuation in Nigeria.

Maiwada said the system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the apex bank.

“Under no circumstance does the system generate, substitute, or alter exchange rates. Where data transmission formats change, the system is designed to retain the last valid Central Bank-provided rate until the updated feed is successfully processed, thereby preserving continuity, accuracy, and valuation integrity,” he said.

He disclosed that the Service was currently working with the CBN to enable seamless Application Programming Interface-based integration in order to strengthen real-time exchange rate transmission.

“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is collaborating with the Central Bank of Nigeria to enable seamless API-based integration, further strengthening operational reliability, system resilience, and real-time exchange rate transmission,” he said.

The Customs also dismissed reports that it applied an exchange rate of N1,451.63 to the dollar on February 6, 2026, saying the figure did not originate from its system.

“It is worthy of note that the reported exchange rate of N1,451.63 per United States dollar for February 6, 2026, did not originate from the B’Odogwu system. That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” Maiwada said.

He further clarified that the National Integrated Customs Information System does not provide real-time Customs valuation figures and is not recognised for live Customs processing.

“The Nigeria Customs Service reiterates to the trading public that the sole authoritative platform for Customs declarations, clearance, and valuation is the B’Odogwu system, which receives exchange rates directly transmitted by the Central Bank of Nigeria,” he added.

According to the Service, the official exchange rate applied for Customs valuation on February 6, 2026, was N1,365.56 to the dollar, as communicated by the CBN.

“For clarity and transparency, the exchange rate applied for Customs valuation on that date was N1,365.56 per United States dollar, and all subsequent exchange rates have reflected the official rates transmitted by the Central Bank of Nigeria and automatically implemented through the B’Odogwu platform in accordance with established national protocols,” he stated.

The agency assured stakeholders, including importers, exporters, licensed Customs agents, and international partners, that the valuation process remained accurate, predictable, and aligned with statutory provisions and international best practices.

“The Nigeria Customs Service remains firmly committed to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives. The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration,” Maiwada added.

The clarification comes amid heightened sensitivity in Nigeria’s trade and investment environment, where fluctuations in exchange rates directly affect import costs, inflation, and government revenue.

Importers and manufacturers have repeatedly expressed concern over exchange rate volatility and its impact on production costs and consumer prices. Customs valuation plays a key role in determining import duties, meaning any misunderstanding about exchange rate sources can influence investor confidence and trade planning.

In recent months, the Federal Government has intensified efforts to digitise Customs processes, improve revenue collection, and curb leakages through platforms such as B’Odogwu, which replaced older legacy systems.

The move is also aligned with ongoing monetary and fiscal reforms aimed at stabilising the naira, enhancing transparency, and strengthening investor confidence in Nigeria’s trade and foreign exchange framework.