The Nigeria Customs Service has denied allegations of foreign exchange rate manipulation. The agency clarified that it does not determine rates for import or export valuation. Instead, it applies official rates transmitted directly by the Central Bank of Nigeria.
In a public statement, Customs explained how exchange rates operate within its system. The Service stated that its digital clearance platform, B’Odogwu, automatically receives approved rates. Therefore, it does not generate, alter, or adjust foreign exchange figures. Officials emphasized that the apex bank remains solely responsible for rate determination.
Furthermore, the Service noted that the system applies rates uniformly nationwide. This process ensures transparency, consistency, and compliance with national fiscal policies. Where transmission delays occur, the system retains the last valid official rate. Consequently, valuation integrity and operational continuity remain protected.
Customs also dismissed reports claiming it used an exchange rate of N1,451.63 per dollar. According to the agency, that figure originated from a legacy trade portal. It clarified that the official rate applied on February 6, 2026 was N1,365.56 per dollar. The rate was communicated directly by the Central Bank.
Additionally, Customs announced collaboration with the apex bank to enable seamless API integration. This upgrade will strengthen real-time exchange rate transmission and system resilience.
The clarification comes amid heightened sensitivity in Nigeria’s trade environment. Exchange rate fluctuations significantly affect import costs and government revenue. Therefore, Customs reaffirmed its commitment to transparency, accountability, and efficient trade facilitation nationwide.
