Wale Adeniyi: CBN, Not Customs, Determines Foreign Exchange Rates for Import, Export Valuation

• Clarifies controversial February 6 exchange peg 

•Partners apex bank to strengthen real-time exchange rate transmission, others

James Emejo in Abuja

Comptroller General of Customs (CGC), Mr. Wale Adeniyi, yesterday, clarified that Nigeria Customs Service (NCS) does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation in the country.

Adeniyi said all exchange rates applied within the customs B’Odogwu platform were official rates electronically transmitted by Central Bank of Nigeria (CBN), which was the competent authority for exchange rate determination under Nigeria’s monetary framework.

B’Odogwu is a Unified Customs Management System, which serves as the sole official platform for customs declarations, clearance, and valuation.

Adeniyi gave the clarification in a statement issued on his behalf by Deputy Comptroller of Customs, National Public Relations Officer, Dr. Abdullahi Maiwada.

He said the service will continue to strengthen its systems, enhance operational integrity, and support the country’s economic growth through efficient and accountable Customs administration.

He said, “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.”

The clarification came against the backdrop of recent suggestions by stakeholders that the NCS had applied an unofficial rate for February 6, 2026 validation for import and exports – allegations the service refuted.

The statement said, “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.”

Maiwada further declared that as part of its ongoing system governance and enhancement processes, NCS was working with CBN to enable seamless Application Programming Interface (API)-based integration, to further strengthen real-time exchange rate transmission, operational reliability, and system resilience.

He said, “The B’Odogwu system operates on structured data integration protocols that automatically ingest and apply exchange rate information as transmitted by the Central Bank of Nigeria.

“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.”

On the controversial exchange rate application which the service disowned, the statement said, “It is worthy of note that the reported exchange rate of N1,451.63/US$ for February 6, 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.

“Likewise, the National Integrated Customs Information System (NICIS) does not provide real-time Customs valuation figures and is not recognised for live Customs processing.”

The NCS however, assured the trading public that the sole authoritative platform for customs declarations, clearance, and valuation remained https://bodogwu.customs.gov.ng, which receives exchange rates directly transmitted by the central bank.

Maiwada said, “For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was N1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria.

“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 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 service assures all 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 service reaffirmed its resolve to strengthen its systems, enhance operational integrity, and support the country’s economic growth through efficient and accountable customs administration.