Customs Begins New Form M Processing, Announces New Exchange Rate To Clear Goods

• Nigeria Customs Service has begun the pilot phase of processing Form M through its new B’Odogwu unified trade portal
• The initial operations were launched at Tin Can Island and Apapa ports, and it is expected to spend up process
• There is also a new exchange rate for importers looking to clear their goods at the airport and ports

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

The Nigeria Customs Service (NCS) has kicked off the pilot phase of processing Form M via the newly developed B’Odogwu unified customs management system.

The new system is a key step in its drive to digitise and streamline trade procedures across all commands.

Spokesman for the NCS, Abdullahi Maiwada, speaking on the new system, said the move reflects the service’s broader commitment to technology-driven reforms that improve operational efficiency and reduce delays at the ports.

He said the pilot phase was launched at the Port and Terminal Multiservices Limited (PTML), Tin Can Island Port, and the Apapa Area Command following the service’s approval to integrate Form M processing into the B’Odogwu Trade Portal.

Maiwada said the selected sites would implement and support close monitoring, stakeholder engagement, and performance assessment, Punch reports.

Maiwada said:

“During this period, a total of five hundred and forty-four (544) Form M entries were processed. Of these, 283 were successfully registered, 10 were validated, and 26 were stored for further action.

“Additionally, 41 entries were submitted, 120 were returned for corrections, 11 were queried, 14 had their PAARs locked, and 39 were recommended for approval.

“Furthermore, a total of 37 Pre-Arrival Assessment Reports were generated from the processed Forms M. Out of these, seven PAARs were registered, 12 had their Single Goods Declarations processed, two were fully approved, eight were recommended for further review, four were submitted for processing, and four were queried.”

Maiwada said the results confirm the B’Odogwu platform's capacity to handle end-to-end trade documentation under live conditions.

He added that the NCS is confident in a nationwide rollout that will improve transparency, accelerate clearance, and ease business for stakeholders.

To support the system’s full deployment, Customs has urged carriers, including shipping lines and airlines, to begin transmitting manifests via the B’Odogwu platform. Financial institutions and traders are also advised to ensure full preparedness for the switch.

New customs exchange rate

Meanwhile, there is a new exchange rate for clearing goods at ports and airports.

Data from the trader portal showed that importers looking to clear goods on Tuesday, May 6, will use N1,605.12 for their form M.

Tuesday's rate is an increase from N1,596.189 quoted on Friday, May 2.

Naira falls at the black market

In a related development, Legit.ng reported that the naira has depreciated against the United States dollar and other foreign currencies.

Legit.ng spoke to several Bureau de Change operators, who confirmed that the value of the naira has dropped by N10, with the buying and selling rates now exceeding N1,600.

The updated exchange rates were also released by the Central Bank of Nigeria.

Source: Legit.ng