No Hidden Charges! – Customs Reveals How Dollar Rates Are Applied

The Nigeria Customs Service has moved to clarify mounting public concerns over foreign exchange pricing in trade transactions, insisting that it does not determine or manipulate exchange rates used for import and export valuation.

In a detailed statement addressing recent commentary on investor behaviour, customs valuation, and foreign exchange application, the Service emphasised that all rates used within its digital clearance platform are sourced directly from the Central Bank of Nigeria, which it described as the legally designated authority responsible for exchange rate determination under Nigeria’s monetary framework.

According to the Service, exchange rates applied in Customs processes are automatically transmitted electronically and uniformly implemented across all formations, ensuring “transparency, predictability, audit integrity, and full compliance with statutory provisions and national fiscal and monetary policy directives.”

The clarification comes amid public confusion over reported exchange rate figures circulating on some trade information portals. Customs explained that it does not “independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation,” stressing that the system it operates only integrates official rates received from the apex bank.

The agency also clarified technical aspects of its digital valuation process, explaining that structured data integration protocols automatically ingest exchange rate information once transmitted. “Under no circumstances does the system generate, substitute, or alter exchange rates,” the Service stated.

It further noted that when transmission formats change, the platform temporarily retains the last valid rate provided by the Central Bank until updated data is successfully processed, thereby preserving “continuity, accuracy, and valuation integrity.”
Customs also addressed a widely circulated exchange rate of ₦1,451.63 to the United States dollar reportedly linked to February 6, 2026.

The Service said the figure did not originate from its processing system, but from a legacy public trade information portal that does not reflect live Customs data. It also clarified that the National Integrated Customs Information System does not provide real-time valuation figures and is not recognised for live processing.

“For clarity and transparency, the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per United States Dollar, as officially communicated by the Central Bank of Nigeria,” the statement said, adding that all subsequent rates have likewise reflected official transmissions automatically implemented through the digital platform.

The Service reiterated that its clearance and valuation procedures remain aligned with national policy directives and international best practices, assuring stakeholders of accuracy and consistency in trade processing.

Speaking on behalf of the Comptroller-General, Abdullahi Maiwada reaffirmed the agency’s commitment to strengthening operational integrity and system reliability.

He noted that ongoing collaboration with the Central Bank is focused on enabling seamless API-based integration to enhance real-time exchange rate transmission and overall system resilience.

The Service maintained that it remains committed to facilitating legitimate trade while ensuring strict compliance with fiscal and monetary regulations, assuring the trading public, licensed agents, and international partners that valuation processes are “accurate, predictable, and aligned with statutory provisions.”

With the clarification, Customs appears intent on restoring confidence in Nigeria’s trade valuation framework, while reinforcing its position that exchange rate authority rests solely with the Central Bank and that its role is strictly administrative and procedural in implementation.