Customs clarify role in setting forex rates for imports
The Nigeria Customs Service has stated that it does not set or manipulate foreign exchange rates for import and export valuation. According to Abdullahi Maiwada, all rates used on the Customs digital platform are provided directly by the Central Bank of Nigeria. The clarification follows public concerns about how exchange rates are determined for Customs purposes. The agency emphasized that its systems are designed for transparency and compliance with national policies.
What we know
- Abdullahi Maiwada explained that the Customs Service only applies exchange rates officially transmitted by the Central Bank of Nigeria.
- The B’Odogwu system is the sole official platform for Customs declarations, clearance, and valuation in Nigeria.
- Customs denied applying an exchange rate of N1,451.63 to the dollar on February 6, 2026, stating the official rate used on that date was N1,365.56 per dollar.
- The Service is working with the Central Bank to enable seamless API-based integration for real-time exchange rate updates.
- Customs assured stakeholders that its valuation process remains accurate, transparent, and aligned with statutory and international standards.
