From February 1, CBN Will Implement Electronic Invoices For Importers And Exporters

From February 1, all import and export operations will be required to submit an electronic invoice authenticated by authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System, according to the Central Bank of Nigeria. shocked

On Friday, the CBN issued a circular titled ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ to all authorised dealers and the general public, signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji, and dated January 21, 2022, to all authorised dealers and the general public.

‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 5, 2020, all authorised dealers and the general public are hereby informed of the introduction of an e-valuator and an e-invoice, which will replace the hard copy final invoice as part of the documentation required for all import and export transactions,’ it stated.

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“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 beginning February 1, 2022.”

“The primary goal of this new regulation is to achieve accurate value from import and export items into and out of Nigeria.”

The CBN stated that according to the e-invoicing guidelines, products that are more than 2.5 percent around the vertical price will be queried and will not be allowed to complete Form M or Form NXP.

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 requirements of this regulation, and that the supplier’s/invoice seller’s must be submitted in electronic format and authenticated by an authorised dealer bank as part of the payment documentation.

“No importer/exporter may make a payment to a foreign supplier’s credit unless the electronic invoice has been authenticated by authorised dealer banks and presented with the relevant payment document,” it stated.

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