NCS denies manipulating forex rates, explains forex integration process in B’Odogwu platform

The clarification follows recent public commentary concerning foreign exchange pricing, investor behaviour, and Customs valuation practices.

Maiwada

In release signed by Deputy Comptroller of Customs Abdullahi Maiwada, National Public Relations Officer(PRO), the NCS does not independently determine, generate, alter, or apply margins to foreign exchange rates used for valuation. Instead, all exchange rates reflected in the B’Odogwu platform are official rates transmitted by the Central Bank of Nigeria, which remains the legally recognised authority for exchange rate determination under Nigeria’s monetary framework.

The Service noted that these rates are automatically and uniformly applied across all Customs formations nationwide, ensuring transparency, predictability, audit integrity, and compliance with statutory provisions as well as national fiscal and monetary policy directives.

Explaining the technical process, Customs stated that the B’Odogwu system operates on structured data integration protocols that automatically ingest exchange rate information as transmitted by the Central Bank of Nigeria. Under no circumstance, it stressed, does the system generate, substitute, or alter exchange rates.

It further explained that in situations where there is a change in data transmission format, the system is designed to retain the last valid rate provided by the Central Bank until an updated feed is successfully processed. This safeguard, the Service said, preserves continuity, accuracy, and valuation integrity.

As part of ongoing system enhancement measures, the NCS disclosed that it is working with the Central Bank of Nigeria to enable seamless Application Programming Interface (API)-based integration. The move is expected to strengthen real-time exchange rate transmission, improve operational reliability, and enhance overall system resilience.

The Service also addressed reports referencing an exchange rate of ₦1,451.63 to one United States Dollar for February 6, 2026, clarifying that the figure did not originate from the B’Odogwu system.

According to Customs, the rate was sourced from trade.gov.ng, described as a legacy public trade information portal that does not reflect live Customs processing data. It added that the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised as a live Customs processing platform.

The NCS reiterated that the sole authoritative platform for Customs declarations, clearance, and valuation remains https://bodogwu.customs.gov.ng, which directly receives exchange rates transmitted by the Central Bank of Nigeria.

“For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria,” the statement said.

It added that all subsequent exchange rates applied by the Service have consistently reflected official rates transmitted by the apex bank and automatically implemented through the B’Odogwu platform in line with established national protocols.

The Nigeria Customs Service reaffirmed its commitment to transparency, consistency, and the facilitation of legitimate trade, while ensuring strict compliance with national fiscal and monetary policy directives.

The Service assured stakeholders, including the trading public, licensed customs agents, and international partners; that Customs clearance and valuation processes remain accurate, predictable, and aligned with statutory provisions and international best practices.

The release emphasized that the Service will continue to strengthen its systems, enhance operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration.