ST_SetBandNoDataValue — Sets the value for the given band that represents no data. Band 1 is assumed if no band is specified. To mark a band as having no nodata value, set the nodata value = NULL.
raster ST_SetBandNoDataValue(raster  rast, double precision  nodatavalue);
raster ST_SetBandNoDataValue(raster  rast, integer  band, double precision  nodatavalue, boolean  forcechecking=false);
Sets the value that represents no data for the band. Band 1 is assumed if not specified. This will affect results from ST_Polygon, ST_DumpAsPolygons, and the ST_PixelAs...() functions.
-- change just first band no data value
UPDATE dummy_rast
    SET rast = ST_SetBandNoDataValue(rast,1, 254)
WHERE rid = 2;
-- change no data band value of bands 1,2,3
UPDATE dummy_rast
    SET rast =
        ST_SetBandNoDataValue(
            ST_SetBandNoDataValue(
                ST_SetBandNoDataValue(
                    rast,1, 254)
                ,2,99),
                3,108)
        WHERE rid = 2;
-- wipe out the nodata value this will ensure all pixels are considered for all processing functions
UPDATE dummy_rast
    SET rast = ST_SetBandNoDataValue(rast,1, NULL)
WHERE rid = 2;