Nigeria Customs Clarifies Exchange Rate Application for Trade

Nigeria Customs, represented by Abdullahi Maiwada, clarified the application of exchange rates in customs valuation, emphasizing that the customs service does not independently determine or alter the exchange rate. The exchange rates applied are sourced directly from the Central Bank of Nigeria and are transmitted electronically through the B Odogwu platform.

This system ensures transparency and compliance with national fiscal and monetary policies. The current exchange rate is reported as N1,365.56 per US dollar as of February 6, 2026.

The customs service reiterated that the B Odogwu system retains the last valid rate from the Central Bank until a new rate is successfully processed, ensuring continuous accuracy in valuation. It was also noted that the figures reported on the trade portal do not reflect live customs processing data, and the customs service remains the sole authority for customs clearance and valuation.