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CBN To Implement E-Invoice For Importers, Exporters From February 1 - Business - Nairaland

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CBN To Implement E-Invoice For Importers, Exporters From February 1 by NwaNimo1(m): 9:21pm On Jan 21
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. shocked

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.

https://punchng.com/cbn-implements-e-invoice-for-importers-exporters-feb-1/

1 Like

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by FreeStuffsNG: 9:27pm On Jan 21
" 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. "

This Federal Government has thinking folks on board.
From the new Finance Act that compels the big techs that have not been remiting tax to start remiting tax now to the ETO that cleared the almost unsolvable problem of congested Apapa ports and now this e-invoicing to block leakages, I must commend those patriots behind these initiatives PDP could never ever attempt to block. May God bless all our patriots out there doing their best for our fatherland. May God bless you and your families.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria forever

13 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by SadiqBabaSani: 9:27pm On Jan 21
These re technical Jargons,
Somone care to elucidate

2 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by SadiqBabaSani: 9:28pm On Jan 21
This FreeStuff guy is a charlatan

26 Likes 4 Shares

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by EmilyD: 9:31pm On Jan 21
Interesting
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by NwaNimo1(m): 9:32pm On Jan 21

7 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by FreeStuffsNG: 9:39pm On Jan 21
NwaNimo1:
Anti Igbo policies.....

[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img]
How? shocked This your remark is strange and bizzare.

It's not even only meant to address rent seeking and import business that most of my igbo brethren fancy, it's for exports too ,especially the potential for this policy to stop our precious natural mineral resources like gold, zinc ore etc being illegally exported which the Mining Act is trying to curb.
This is a great synergy and I honestly wish all the stakeholders the best.

3 Likes 3 Shares

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by michlins(m): 9:54pm On Jan 21
Please, how does this affect the business environment. I don't really understand the technicalities there
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by NwaNimo1(m): 10:03pm On Jan 21
michlins:
Please, how does this affect the business environment. I don't really understand the technicalities there

Expect to see a shortage of goods and higher prices in the market for anything imported...

[img]https://c./gnbcyZsc5BUAAAAd/columbo-cookie-eat.gif[/img]

Expect job losses for those into exporting goods as it will become impossible.

13 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by baralatie(m): 10:18pm On Jan 21
FreeStuffsNG:

How? shocked This your remark is strange and bizzare.

It's not even only meant to address rent seeking and import business that most of my igbo brethren fancy, it's for exports too ,especially the potential for this policy to stop our precious natural mineral resources like gold, zinc ore etc being illegally exported which the Mining Act is trying to curb.
This is a great synergy and I honestly wish all the stakeholders the best.
You are very funny!
So you think that gold that is been extracted illegally outside govt channels will be exported using govt channels?
grin

25 Likes 2 Shares

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by baralatie(m): 10:25pm On Jan 21
NwaNimo1:
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. shocked

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.


https://punchng.com/cbn-implements-e-invoice-for-importers-exporters-feb-1/
You see that export guideline for Nigerian products e get k leg!
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by FreeStuffsNG: 10:37pm On Jan 21
baralatie:

You are very funny!
So you think that gold that is been extracted illegally outside govt channels will be exported using govt channels?
grin
Why do you think e-invoicing is being used to replace humans who were hired to handlie the process ab initio ? Lack of transparency and suspected criminal active connivance with the economic saboteurs.

If you think those minerals and precious stones just fly out through only unofficial routes then you are the funny one wink.

Here is an analytical report on how it is done through same govt channels and FG-registered mining companies , perhaps will now abate or reduce significantly with this policy
https://www.premiumtimesng.com/business/business-data/373931-analysis-shady-practices-by-registered-mining-companies-cost-nigeria-billions-of-naira.html

1 Like

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by samuel19222(m): 11:03pm On Jan 21
grin
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by baralatie(m): 11:05pm On Jan 21
FreeStuffsNG:
Why do you think e-invoicing is being used to replace humans who were hired to handlie the process ab initio ? Lack of transparency and suspected criminal active connivance with the economic saboteurs.

If you think those minerals and precious stones just fly out through only unofficial routes then you are the funny one wink.

Here is an analytical report on how it is done through same govt channels and FG-registered mining companies , perhaps will now abate or reduce significantly with this policy
https://www.premiumtimesng.com/business/business-data/373931-analysis-shady-practices-by-registered-mining-companies-cost-nigeria-billions-of-naira.html

Like I said
You are solo funny!
As at today there is no license to extract,mine and sell gold in fg gazette or state gazette in zamfafa .if not we will not be saying zamfafa gold is not for fg!
grin grin
Govt monitor mine extraction in the north for export! Very funny

5 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by FreeStuffsNG: 11:20pm On Jan 21
baralatie:

Like I said
You are solo funny!
As at today there is no license to extract,mine and sell gold in fg gazette or state gazette in zamfafa .if not we will not be saying zamfafa gold is not for fg!
grin grin
Govt monitor mine extraction in the north for export! Very funny

I think you are fixated on the usual beer parlour discussions on blood gold in Zamfara , antinorth and fulani-phobia cynicism while I am about the whole mining sector, companies and FG capacity to create more value through this innovative e-invoicing .
Unfortunately,I can't get anything else from you sir. I will no longer respond to your comment sir.

1 Like

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Bettykeys: 11:41pm On Jan 21
Nice one
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by baralatie(m): 11:59pm On Jan 21
FreeStuffsNG:


I think you are fixated on the usual beer parlour discussions on blood gold in Zamfara , antinorth and fulani-phobia cynicism while I am about the whole mining sector, companies and FG capacity to create more value through this innovative e-invoicing .
Unfortunately,I can't get anything else from you sir. I will no longer respond to your comment sir.
grin grin
Did I not say you were being funny?

11 Likes 1 Share

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by KUNZEH(m): 4:28am On Jan 22
Okay
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Enyimbamercedes: 4:29am On Jan 22
You’ve not finished e-naira, you have moved to e-invoice

E-diots

22 Likes 4 Shares

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Brendaniel: 4:32am On Jan 22
E-invoice or not, Buhari disappointed Nigerians, Tinubu should ask Nigerians for forgiveness and retire from politics...

14 Likes 2 Shares

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Mordecai(m): 5:41am On Jan 22
FreeStuffsNG:
Why do you think e-invoicing is being used to replace humans who were hired to handlie the process ab initio ? Lack of transparency and suspected criminal active connivance with the economic saboteurs.

If you think those minerals and precious stones just fly out through only unofficial routes then you are the funny one wink.

Here is an analytical report on how it is done through same govt channels and FG-registered mining companies , perhaps will now abate or reduce significantly with this policy
https://www.premiumtimesng.com/business/business-data/373931-analysis-shady-practices-by-registered-mining-companies-cost-nigeria-billions-of-naira.html


To submit a Form M today, invoices are attached.

With an e-invoice, the only difference will be that once the invoice is uploaded and submitted, the various parameters in the invoice, e.g. price, item, invoice number, hs code, date would be uploaded to a database and these invoices, aggregated will assist NBS in mining data later.

Hitherto, invoices were being checked before approval of the form M. The same people will still do the same checks before approval.

Another instance was the assumption that the e-product certificate will enhance quality of goods imported into the country.
We all know better today.

In a nutshell, the government just gets to make money from invoicing of goods, and get statistics of all invoices in a relational database for use later.

That's all that changes.

6 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Jestin: 5:50am On Jan 22
We can only say okay
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Springboot: 6:22am On Jan 22
NwaNimo1:
Anti Igbo policies.....

[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img]

Even as an Igbo man, I'm embarrassed by this comment. You're a complete illiterate

6 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Salvador1: 6:27am On Jan 22
Ahh this will not be favourable to some importers with strategic plan due to high rate of dollar.
This government is wicked upon wicked.
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by omonla10(m): 6:40am On Jan 22
Omooo.. This will reduce bribes at port by over 80%
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by omonla10(m): 6:43am On Jan 22
SadiqBabaSani:
These re technical Jargons,
Somone care to elucidate
let me explain to u..

If a car was supposed to pay 3million duty... U bribe customs with 700,000 and u pay 1.5miliion duty.

Even at that, patrol customs(FOU) extort money from u from 50,000 upwards on the road for the next few months or years.

But with the e-invoice, u get the 3million invoice and pay the correct duty.. No more bribes and settlement at the ports or on the road..

To me as a clearing agent, I will be loosing over 80% of what I normally see as profit cos of these bribes..

But as a Nigerian, for the greater good, its the best thing that can happen to customs issues cos the fraud too much.

NB.. This my explanation applies to car imports alone which is my area of specialisation..

14 Likes

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by candidbabe(f): 6:53am On Jan 22
Hahahaha
APC milking Nigerians the more
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by mytime24(f): 6:58am On Jan 22
Dead on arrival
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by HeroHero: 7:21am On Jan 22
We have already seen their end. Just like their eNaira.
Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by TGM2015: 7:34am On Jan 22
omonla10:
let me explain to u..

If a car was supposed to pay 3million duty... U bribe customs with 700,000 and u pay 1.5miliion duty.

Even at that, patrol customs(FOU) extorted money from u from 50,000 upwards on the road for the next few months or years.

But with the e-invoice, u get the 3million invoice and pay the correct duty.. No more bribes and settlement at the ports or on the road..

To me as a clearing agent, I will be loosing over 80% of what I normally see as profit cos of these bribes..

But as a Nigerian, for the greater good, its the best thing that can happen to customs issues cos the fraud too much.

NB.. This my explanation applies to car imports alone which is my area of specialisation..
You a patriot Nigerian for not bad mouthing a good policy even though you will greatly be affected negatively.

Salvador1:
Ahh this will not be favourable to some importers with strategic plan due to high rate of dollar.
This government is wicked upon wicked.
Any importer with strategic plan will be "more happier" hearing this and looking forward for it implementation same way genuine users of foreign currencies were happy for the implementation of e-Form A.

1 Like

Re: CBN To Implement E-Invoice For Importers, Exporters From February 1 by Houseofglam7(f): 7:40am On Jan 22
undecided

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