The NCS stressed that it does not independently generate or adjust foreign exchange rates used for customs valuation. All rates applied on its platform are official CBN rates.<\/p>\n
- \n
- \u201cFor the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation.\u201d <\/em><\/li>\n
- \u201cAll exchange rates applied within the B\u2019Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria\u2019s monetary framework,\u201d <\/em>the statement read in part.<\/li>\n<\/ul>\n
The Service highlighted that these rates are automatically integrated into B\u2019Odogwu and uniformly applied across all Customs formations to maintain audit integrity and predictability in cargo processing.<\/p>\n
Backstory <\/strong><\/h4>\n
The clarification follows public concern over reports that an exchange rate of N1,451.63 per dollar was applied for Customs valuation on February 6, 2026.<\/p>\n
- \n
- The NCS stated that the reported figure did not originate from B\u2019Odogwu but from trade.gov.ng<\/a>, a legacy trade information portal that does not reflect live Customs processing.<\/li>\n
- The Service noted that its National Integrated Customs Information System (NICIS) does not provide real-time valuation figures.<\/li>\n<\/ul>\n
The statement noted that the official exchange rate applied on February 6, 2026, was N1,365.56 per dollar, as communicated by the CBN. All subsequent rates applied by NCS have similarly reflected official CBN rates through the B\u2019Odogwu platform.<\/p>\n
What you should know <\/strong><\/h4>\n
The NCS began piloting the B\u2019Odogwu digital platform at the Port and Terminal Multiservices Limited (PTML) Area Command to modernize customs operations and enhance trade facilitation.<\/p>\n
- \n
- The pilot phase at PTML commenced on October 25, 2024.<\/li>\n
- B\u2019Odogwu is an indigenous digital system for trade facilitation and cargo processing.<\/li>\n<\/ul>\n
Following the pilot, the platform has been expanded to Apapa and Tincan Island ports.<\/a><\/p>\n
The initiative aims to improve efficiency in cargo processing and ensure seamless application of official CBN exchange rates across all customs operations.<\/p>\n
\n
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… it does not set cargo<\/span> clearance rates, saying the … audit integrity and predictability in cargo<\/span> processing. Backstory\u00c2\u00a0 The … system for trade facilitation and cargo<\/span> processing. Following the pilot … to improve efficiency in cargo<\/span> processing and ensure seamless …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-92291","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/92291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=92291"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/92291\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=92291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=92291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=92291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- The Service noted that its National Integrated Customs Information System (NICIS) does not provide real-time valuation figures.<\/li>\n<\/ul>\n
- \u201cAll exchange rates applied within the B\u2019Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria\u2019s monetary framework,\u201d <\/em>the statement read in part.<\/li>\n<\/ul>\n