CBN Remains Sole Authority on Exchange Rates for Trade, Clarifies Nigeria Customs

The Nigeria Customs Service (NCS) has clarified that it does not independently set or adjust exchange rates used for import and export valuation, emphasizing that the Central Bank of Nigeria (CBN) remains the sole authority for such determinations. This statement comes amid growing concerns from stakeholders about foreign exchange pricing, investor behavior, and customs valuation practices.

Customs spokesman Abdullahi Maiwada explained that all rates applied by the NCS are official figures electronically transmitted by the CBN. The agency’s B’Odogwu platform, a unified digital clearance system, automatically integrates these rates, ensuring uniformity and accuracy in trade processing across Nigeria. “Under no circumstance does the system generate or alter exchange rates,” Maiwada said.

The NCS highlighted that any previously reported rate, such as the N1,451.63 per US dollar for 6 February 2026, did not originate from B’Odogwu. Instead, it was sourced from a public trade portal, trade.gov.ng, which does not reflect live customs data. The official rate applied on that date was N1,365.56 per US dollar, transmitted directly by the CBN and automatically implemented through the B’Odogwu platform.

The service reaffirmed its commitment to transparency, consistency, and the facilitation of legitimate trade. By maintaining strict adherence to statutory provisions and monetary policies, the NCS ensures that customs declarations, clearances, and valuations remain predictable, accurate, and aligned with international best practices.

Looking ahead, the NCS is working with the CBN to strengthen real-time exchange rate integration through API-based systems, further enhancing operational reliability and efficiency. The agency stressed that its ultimate goal is to support Nigeria’s economic growth by providing a seamless, accountable, and transparent customs administration for all stakeholders.

source: leadership