NCS rejects claims of forex rate manipulation

The Nigeria Customs Service on Monday clarified that it does not determine or manipulate foreign exchange rates used for import and export valuation, stressing that all rates applied on its digital clearance platform are officially transmitted by the Central Bank of Nigeria.

The Service made the clarification in a statement issued by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, titled, “Nigeria Customs Service clarifies exchange rate application in customs valuation.” The agency said the explanation became necessary following recent public commentary on foreign exchange pricing, investor behaviour, and customs valuation practices.

According to the statement, the NCS recognised the importance of informed public discourse in deepening understanding of Nigeria’s trade and revenue environment, but stressed that factual clarification was required to prevent misinformation.

Maiwada said, “The Nigeria Customs Service acknowledges recent public commentary regarding foreign exchange pricing, investor behaviour, and Customs valuation practices.

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, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation.

“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation. All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework.”

He explained that the rates are automatically integrated and uniformly applied across all Customs formations nationwide. “These rates 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,” he added.

The NCS said the B’Odogwu platform, a Unified Customs Management System, serves as the sole official system for Customs declarations, clearance, and valuation in Nigeria.

Maiwada said the system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the apex bank.

“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,” he said.

He disclosed that the Service was currently working with the CBN to enable seamless Application Programming Interface-based integration in order to strengthen real-time exchange rate transmission.

“As part of its ongoing system governance and enhancement processes, the Nigeria Customs Service is collaborating with the Central Bank of Nigeria to enable seamless API-based integration, further strengthening operational reliability, system resilience, and real-time exchange rate transmission,” he said.