CBN, Not Customs, Decides Dollar Rate for Goods Clearing
By Patience Ikpeme
The Nigeria Customs Service (NCS) has cleared the air on how it calculates the value of imported goods, stating that it does not have the power to sit down and pick any exchange rate it likes.
On Monday, the Service made it clear that the exchange rate used for clearing goods is given to them directly by the Central Bank of Nigeria (CBN). This explanation was shared in a statement by the Customs spokesperson, Dr. Abdullahi Maiwada, to help everyone understand how the process works.
To show how open they are, the Customs shared that on February 6, 2026, the rate used to calculate the value of goods was ₦1,365.56 for every one US Dollar. This was the official rate sent to them by the Central Bank.
The statement said: “All subsequent exchange rates applied by the Service have likewise 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.”
The Customs Service felt it was necessary to explain this because of recent talk and complaints from the public regarding the cost of foreign exchange and how it affects business and investors.
The Service said it knows it is important for people to have the right facts so they can understand how trade and government money work. To make things simple, they explained that everything happens through a computer system called B’Odogwu. This system is the only official place where all goods are declared and cleared.
“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,” the statement read.
Customs promised that they will keep following the rules and making sure that honest trade is easy for everyone. They told business owners, clearing agents, and international partners that the way they value goods is correct and follows the law.
The statement noted: “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 B’Odogwu system is built in a way that it automatically takes the exchange rate sent by the CBN and applies it. Customs officers cannot change or replace these rates. Even if there is a small delay in getting a new rate, the system will keep using the last valid one from the CBN until the new one arrives. This is done to make sure there is no confusion or mistakes.
Right now, the Nigeria Customs Service is working even more closely with the Central Bank to make their computer systems talk to each other better. This will make sure the exchange rates show up in real-time, making the whole process even more reliable for everyone.
