Nigeria Customs Service Clarifies FX Rate Concerns

The Nigeria Customs Service, represented by Abdullahi Maiwada, issued a statement to clarify its position on foreign exchange rates, specifically regarding the B’Odogwu electronic platform. The service emphasized that it does not independently determine or alter exchange rates applied to import and export assessments.

The clarification followed public commentary questioning the exchange rate figures reported by U.S. Customs, which suggested an exchange rate of N1,451.63 per U.S. dollar as of February 6, 2026.

The Customs Service stated that this figure did not originate from the B’Odogwu system and that the official exchange rate applied within the platform is transmitted electronically to the Central Bank of Nigeria (CBN). The Customs Service reassured stakeholders of its commitment to trade facilitation and compliance with national monetary policies, ensuring that the clearance valuation process aligns with global best practices and supports Nigeria's economic growth.