CBN Determines Forex Rates, Not Nigeria Customs Service

On February 6, 2026, Wale Adeniyi, the Comptroller General of Customs, clarified that the Nigeria Customs Service (NCS) does not independently determine or alter the application of foreign exchange rates for import and export valuation. He stated that the official exchange rates are applied within the customs framework through the Bodogwu platform, which electronically transmits rates from the Central Bank of Nigeria (CBN).

Adeniyi issued this statement on behalf of Dr. Abdullahi Maiwada, the Deputy Comptroller of Customs for National Public Relations. He noted that the NCS is committed to enhancing its systems to support economic growth and ensure compliance with statutory provisions.

The clarification comes amid recent suggestions that the NCS was applying unofficial rates. The official exchange rate on February 6, 2026, was reported as N1,365.56 per US dollar, reflecting the rate transmitted by the CBN.

Adeniyi assured stakeholders that the customs clearance valuation process remains accurate and aligned with national fiscal and monetary policies.