Nigerian Customs Service Clarifies Exchange Rate Claims

The Nigerian Customs Service, represented by spokesperson Abdullahi Maiwada, firmly dismissed claims of manipulating foreign exchange rates for import and export valuation. The service stated that all rates applied in its digital clearance platform are sourced directly from the Central Bank of Nigeria.

This clarification was made in response to public commentary that had fueled misconceptions about exchange rates. The Customs Service emphasized that it neither determines nor alters exchange rates, which are transmitted electronically to ensure compliance with national policies.

It rejected a report citing an exchange rate of 1,451.63 naira per dollar as of February 6, 2026, clarifying that this figure originated from a legacy trade portal and not from its official operational system. The correct rate applied is 1,365.56 naira per dollar, as provided by the Central Bank without modification.

The Customs Service aims to maintain transparency and predictability in trade valuation processes, aligning with global best practices.