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.

NwaNimo1:
Anti Igbo policies.....

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

michlins:
Please, how does this affect the business environment. I don't really understand the technicalities there

FreeStuffsNG:

How? 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.

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.

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/

baralatie:

You are very funny!
So you think that gold that is been extracted illegally outside govt channels will be exported using govt channels?

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 .

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

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!

Govt monitor mine extraction in the north for export! Very funny

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.

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 .

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

NwaNimo1:
Anti Igbo policies.....

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

SadiqBabaSani:
These re technical Jargons,
Somone care to elucidate

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..

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.