…..are used for Import, Export Valuation
The Nigeria Customs Service (NCS) has clarified that it does not determine or alter foreign exchange (FX) rates used for import and export valuation.
In a statement on Monday, Abdullahi Maiwada, NCS national public relations officer, said the agency acknowledged recent public commentary regarding foreign exchange pricing, investor behaviour, and customs valuation practices.
According to Maiwada, all exchange rates applied in the NCS digital clearance system — B’Odogwu, a unified customs management platform — are electronically transmitted by the Central Bank of Nigeria (CBN).
“It is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation,” the statement reads.
….stay tuned for more!