Nigeria Customs Confirms CBN Sets Cargo Clearance Rates

The Nigeria Customs Service issued a clarification regarding the determination of cargo clearance rates, stating that the Central Bank of Nigeria (CBN) is solely responsible for setting these rates. This clarification was published on the service's official Facebook page on Monday.

The statement explained that the foreign exchange rates transmitted by the CBN are automatically applied within the customs digital clearance platform, ensuring transparency and compliance with national monetary policy. B Odogwu emphasized that the Nigeria Customs Service does not independently adjust foreign exchange rates.

The official exchange rate applied on February 6, 2026, was noted as N1 365.56 per dollar, in contrast to a previously reported rate of N1 451.63 per dollar. The Nigeria Customs Service highlighted that the rates are uniformly applied across its platform, maintaining audit integrity and predictability in cargo processing.

This clarification follows public concerns regarding exchange rates and aligns with the service's pilot initiative aimed at enhancing trade facilitation.