The Central Bank of Nigeria has said that all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System effective from February 1.
The CBN disclosed this in a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji, dated January 21, 2022, to all authorised dealers and the general public titled ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ on Friday.
It stated that ‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions.
“Effective February 1, 2022, all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal- Trade Monitoring System.
“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.”
The CBN stated that the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.
It stated that an importer/exporter of goods into Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation and that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by authorised dealer bank as part of the documentation for payment.“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” it stated.