Customs Clarify Forex Rate, Disown ₦1,451/$1 Figure

A file photo of Tin Can Island Seaport, Lagos   The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569656851-0"); }); The Service, in a statement by its National Public Relations Officer, Abdullahi Maiwada, explained that it neither determines nor alters exchange rates used in cargo clearance, but relies solely on official figures transmitted by the Central Bank of Nigeria (CBN). Maiwada stated that recent public commentary surrounding forex pricing, investor reactions, and customs valuation had prompted NCS to explain the operational framework guiding its digital clearance platform. “It is worthy of note that the reported exchange rate of ₦1,451.63/US$ for 6 February 2026 did not originate from the B’Odogwu system. “That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” it stated. Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672569913499-0"); }); According to him, all exchange rates used in trade processing are automatically integrated into its Unified Customs Management System, known as B’Odogwu, which it described as the sole official portal for declarations, clearance, and valuation. READ ALSO: Nigeria’s Inflation Rate Drops To 15.10% “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,” the statement reads. PRESS STATEMENT Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587799169-0"); }); NIGERIA CUSTOMS SERVICE CLARIFIES EXCHANGE RATE APPLICATION IN CUSTOMS VALUATION https://t.co/Mq3JBrzvcV pic.twitter.com/cWl8GCQwYH — NIGERIA CUSTOMS (@CustomsNG) February 16, 2026   Advertisement googletag.cmd.push(function() { googletag.display("div-gpt-ad-1672587060870-0"); }); The NCS spokesman said the Service receives rates electronically from the apex bank and applies them uniformly across commands nationwide, ensuring transparency, predictability, and compliance with statutory fiscal and monetary policies. He argued that NCS does not generate or manipulate exchange rates under any circumstances. Instead, it explained that the platform operates structured data-integration protocols designed to ingest and apply exchange-rate feeds exactly as transmitted. “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,” Maiwada added. Join Our Whatsapp Channel To join: Simply click on the link below & turn on notifications to get the latest updates Subscribe to Our Newsletter In This Article: Customs Forex More Stories Customs Intercept Suspected Cocaine Worth ₦1bn Along Badagry-Seme Border Suspected Smugglers Kill Customs Officer In Ogun Customs 2025 Revenue Hits ₦7.28trn, Exceeds Projection /* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * / var disqus_shortname = 'channelstelevision'; // Required - Replace example with your forum shortname / * * DON'T EDIT BELOW THIS LINE * * */ (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); Please enable JavaScript to view the comments powered by Disqus.

SOURCE: https://www.channelstv.com/2026/02/16/customs-clarify-forex-rate-disown-%e2%82%a61451-1-figure/