CBN Controls Exchange Rates Applied on B’Odogwu Platform – Customs Clarifies

ZAINAB JUNAID

The Nigeria Customs Service has clarified that the Central Bank of Nigeria (CBN) remains the sole authority for determining exchange rates applied within its Unified Customs Management System (UCMS) codenamed B’Odogwu, which serves as the sole official platform for Customs declarations, clearance, and valuation.

This clarification followed a report that the Service applied an exchange rate of ₦1,451.63/US$ for Customs valuation on 6 February 2026, which the Agency said is contrary to the actual figure of ₦1,365.56 per US$ used as officially communicated by the Central Bank of Nigeria.

In a statement issued on Monday, 16 February 2026, by the Service’s Public Relations Officer, DC Abdullahi Maiwada, for the Comptroller General of Customs, the Agency reaffirmed transparency in the foreign exchange rates used for import and export valuation, providing factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu.

The Service explained that the reported figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data. It clarified that the sole authoritative platform for Customs declarations, clearance, and valuation is https://bodogwu.customs.gov.ng, which receives exchange rates directly transmitted by the Central Bank of Nigeria.

“The National Integrated Customs Information System (NICIS), does not provide real-time Customs valuation figures and is not recognised for live Customs processing.

“NCS does not independently determine, generate, alter, or apply margins to foreign exchange rates”.

According to the Service, all exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which 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.

“The B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the Central Bank of Nigeria,” the Agency said, “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”.

It stated further that as part of its ongoing system governance and enhancement processes, the NCS is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration which strengthen real-time exchange rate transmission, operational reliability, and system resilience.

While reassuring all stakeholders, including the trading public, licensed customs agents, and international partners, of accurate and predictability in Customs clearance and valuation, the Agency reaffirmed that the process aligned with statutory provisions and international best practices.

“The Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration,” NCS said.

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.