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CBN, not Customs determines exchange rate figures for import, export trade

—Customs clarifies amidst wrong public perception 
Gloria Odion 
The Nigeria Customs Service (NCS) has made a public clarification of the exchange rates that govern the payment of duties on imports and other valuation processes.
In a statement made available to our reporter, the Service said it does not determine, modify, or apply margins to foreign exchange rates used for import and export valuation.
According to the Service, all rates used on the B’Odogwu platform are officially provided by the Central Bank of Nigeria (CBN), which is the statutory authority responsible for exchange rate determination under Nigeria’s monetary framework.
“These rates are transmitted electronically and applied automatically across all Customs formations, ensuring transparency, consistency, and compliance with national fiscal and monetary policies.
‎”The B’Odogwu system is designed to receive and apply exchange rate data exactly as supplied by the CBN.
“It does not generate or alter rates at any time.
“In situations where there is a delay or change in data transmission format, the system retains the last valid CBN rate until a new update is successfully received, thereby maintaining accuracy and operational continuity.
“As part of ongoing improvements, the NCS is working with the CBN to introduce seamless API-based integration to further enhance real-time transmission, reliability, and system resilience.
‎”The Service also clarifies that the exchange rate of ₦1,451.63/US$ reported for 6 February 2026 did not originate from the B’Odogwu system.
“That figure came from trade.gov.ng, a legacy trade information portal that does not reflect live Customs processing data.
“Similarly, the National Integrated Customs Information System (NICIS) is not used for real-time valuation and is not recognised as a live Customs processing platform.
“The NCS therefore reiterates that the only authorised platform for Customs declarations, clearance, and valuation is https://bodogwu.customs.gov.ng,  which receives exchange rates directly from the Central Bank of Nigeria.
‎”For the record, the exchange rate applied for Customs valuation on 6 February 2026 was ₦1,365.56 per US Dollar, as officially communicated by the Central Bank of Nigeria.
“All subsequent rates used by the Service have followed the same process, reflecting only the official figures transmitted by the CBN and automatically implemented through the B’Odogwu system.
‎”The Nigeria Customs Service remains committed to transparency, consistency, and the facilitation of legitimate trade while ensuring full compliance with national fiscal and monetary policies.
“The Service assures stakeholders  including the trading community, licensed customs agents, and international partners  that its clearance and valuation processes remain accurate, predictable, and aligned with statutory requirements and global best practices.
“The NCS will continue to strengthen its systems, uphold operational integrity, and support Nigeria’s economic growth through efficient and accountable Customs administration” the NCS concluded in its statement.
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Customs

Customs eyes N9 trillion revenue in 2026

Funso OLOJO,Editor 

 The Nigeria Customs Service has set an ambitious revenue target of a whooping sum of N9 trillion for 2026.

The revenue projection, which is still awaiting the final confirmation by the National Assembly, is contingent upon the massive reforms and digitalization of Customs operations which the service believes will lead to trade facilitation and higher revenue yield.

It could be recalled that the NCS exceeded its 6 trillion revenue target for 2025 by 11 percent.

However, the joint Appropriation Committees of the National Assembly may still set a higher target for the Service at its next seating.
It could be recalled that the joint committees of both the House of Representatives and the Senate last year increased the revenue target of the Service for 2025 from 6 trillion to 12 trillion, arguing that the Service had the capacity to achieve the homonguous revenue figures.
Meanwhile , the Comptroller- General of Customs, Adewale Adeniyi, disclosed that the Service raked in more than ₦100 billion in 2025 from traders who voluntarily returned to regularise their underpaid duties after reviewing their records.

He described the development as unprecedented and a trend he vowed that the Service would sustain in 2026 and beyond

Adeniyi also disclosed that the Service exceeded its 2025 revenue target by about 11 per cent, based on an easier and more predictable trade process, which has boosted turnover and encouraged voluntary compliance among importers, exporters, clearing agents, and freight forwarders operating at the ports and border stations.

On border operations, Adeniyi confirmed the reopening of the Seme Border, describing it as strategic to Nigeria’s role as a regional transit corridor.

He said the decision followed engagements among authorities in the Federal Republic of Nigeria, the Republic of Benin, and consultations involving Niger, leading to approval for transit cargo movements along the Kébé route.

The CGC  said the country was meeting its obligations to support landlocked countries by allowing transit goods to move to destinations such as Chad and Cameroon, while stressing that tighter technological controls would be deployed to ensure such consignments are not diverted into the domestic market.

Adeniyi assured that transit operations from major seaports, including Apapa Port and Tin Can Island Port, would continue with enhanced monitoring to generate more revenue and boost the security of the country.

The CGC pledged that the 2026 strategy will focus on sustained trade facilitation, deeper use of technology for risk management and cargo tracking, and stronger partnerships with the trading community, expressing confidence that the measures will support the revenue target and strengthen Nigeria’s position as a regional trade hub in West and Central Africa.

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Customs

NCS seeks 48- hr goods clearance procedures at ports on digital One- Stop- Shop platform 

Gloria Odion,  Maritime Reporter 
The Nigeria Customs Service is set to revolutionise goods clearance procedures at the ports with its digital One- Stop- Shop(OSS)  platform.
The digital platform, launched on Friday, February 13th, 2026 in Lagos, is aimed at achieving the clearance time for goods at 48 hours.
Unveiling the digital platform, which is expected to eliminate bureaucratic bottlenecks at Nigeria’s ports and significantly reducing cargo clearance time of goods, the Comptroller – General of Customs, Adewale Adeniyi, described the initiative as a major structural reform designed to modernise border operations and strengthen Nigeria’s trade competitiveness.
Adeniyi noted that the platform aligns with Nigeria’s broader business reforms under the administration of President Bola Tinubu, as well as global standards under the World Trade Organisation’s Trade Facilitation Agreement, which estimates that efficient border reforms can cut trade costs in developing economies by over 14 percent.
He also announced that the Service is advancing toward a fully paperless customs environment, with the first phase of digital clearance and documentation processes scheduled for rollout by the end of the second quarter of 2026.
“This platform is a deliberate shift from fragmented interventions to coordinated governance, from discretion to data, and from isolated actions to collective responsibility,” Adeniyi stated.
 “Through this reform, we continue to build systems that support lawful trade, protect national interests and serve the economy with professionalism and integrity.”
Also speaking at the event, the Deputy Comptroller-General of Customs in charge of Tariff and Trade, Caroline Niagwan, said the OSS platform consolidates all risk interventions into a single electronic interface, streamlining multiple checks into a single digital umbrella.
“Today, the NCS is introducing the One-Stop-Shop digital platform, an innovative system designed to consolidate all risk interventions at the port into a single electronic interface,” she said.
“We have listened to your feedback and recognised how multiple checkpoints and risk interventions affect business processes.
” Your involvement in this engagement is crucial to the success of this reform.”
A technical presentation by the Service’s Trade Facilitation Unit outlined strategies to reduce clearance time from an average of 21 days to about 48 hours, along with implementation plans and anticipated challenges.
Stakeholders at the engagement expressed strong support for the initiative, noting that the platform would facilitate legitimate trade.
An interactive session also provided clarifications on operational procedures and expectations for the OSS rollout.
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Customs

Customs announces unified dispute resolution mechanism to tackle trade- related conflicts 

Gloria Odion,  Maritime Reporter 
The Nigeria Customs Service has firmed up its trade dispute resolution with the introduction of a unified dispute resolution mechanism designed to streamline procedures, reduce delays, and lower the cost of resolving trade-related conflicts.
The Comptroller- General of Customs, Adewale Adeniyi, who made this known at the stakeholder engagement with the American Business Council(ABC) in Lagos on Thursday February 12th, 2026, disclosed that dialogue is a critical pillar of modern customs administration.
According to him, sustained dialogue has played a key role in resolving longstanding operational challenges between the Service and the private sector.
He cited the recent resolution of a seven-year classification dispute involving a Council member as a clear example of the progress achieved through consistent engagement.
 “Stakeholder engagement is one of the major pillars of any modern Customs administration.
“We have realised that when we address issues in a mutually beneficial manner, everybody becomes a winner.” Adeniyi observed.
The CGC reaffirmed the Service’s commitment to transparency, ongoing modernisation reforms, and the creation of a business-friendly environment capable of attracting foreign investment.
 “This engagement forms part of the Nigeria Customs Service’s broader strategy to deepen partnerships with international business communities while enhancing trade facilitation and economic growth.”
In her remarks, the Executive Secretary of the American Business Council, Margaret Olele, commended the NCS for maintaining open communication with the private sector and taking practical steps to address longstanding trade concerns.
“We are seeing positive outcomes from these engagements, including the resolution of long-standing issues affecting our members.
“While not every concern can be resolved immediately, sustained dialogue helps balance national interests with the need for an efficient business environment,” Olele said.
The engagement brought together senior Customs officers, executives of American companies and key industry stakeholders to deliberate on trade facilitation, dispute resolution, regulatory reforms, and policy strategies aimed at improving Nigeria’s investment climate.
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