Post by Trade Forum on Jan 26, 2022 14:46:18 GMT 1
Export/Import e-Invoicing: CBN Releases Guidelines And Introduces Single Window Price Portal For Imports And Exports
The Federal Government of Nigeria (FGN) through the Central Bank of Nigeria (CBN) has introduced a new system to operate on a global price verification mechanism guided by benchmark prices.
The Central Bank of Nigeria (CBN) said yesterday that effective from 1st of February, 2022, that all import and export transactions would require the submission of an electronic invoice (e-invoice) authenticated by Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Monitoring System (TRMS).
The Apex Bank said that the introduction of the e-valuator and e-invoice would replace the hard copy final invoice as part of the documentation required for all import and export transactions going forward in the country.
This was disclosed in a circular by the CBN titled: “Guidelines on the Introduction of e-Evaluator, e-Invoicing for Import and Export in Nigeria”, signed by the CBN’s Director, Trade and Exchange Department, Dr. Ozoemena Nnaji and directed to all authorized dealers and the public.
The CBN pointed out that the new regulation is aimed at achieving accurate value from import and export in and out of the country.
According to the CBN, this new system will operate on a global Price Verification Mechanism guided by a benchmark price. The benchmark price is the actual spot market price obtainable at the time of consummation of invoicing in that market where the goods are traded.
The CBN said that imports and exports with unit prices that are more than 2.5 per cent of the verified global checkmate prices would be queried and will not be allowed for successful completion of either Form M or Form NXP as the case may be.
Exemptions To The Guideline:
The guideline however provided exemptions from the compliance with the new regulation for all invoices with a value of less than$10, 000 (or its equivalent in another currency), except where the suppliers have an annual cumulative invoicing value equal to or above $500, 000 (or its equivalent in another currency). Those with such cases would be required to submit their invoices regardless of an invoice.
Other Exemptions:
Exemptions were also granted to import and export transactions made by ALL security agencies in the country.
Supplies to Diplomatic and Consular Missions as well as International Agencies dependent on the United Nations are also exempted from the regulation. Also exempted are donations made to foreign governments or international organizations to foundations, charities and recognized humanitarian organizations – and goods directly supplied by foreign government.
Fees: The circular stated that fees, where relevant will be advised from time to time as the system progresses.
What Is The Important Take Away From The Guideline?
The guideline is essentially stipulating that an importer or exporter of goods and services from or into the country MUST ensure that the purchase or sales contract with a foreign supplier or buyer complies with the obligations stated in the regulation. Also, that the supplier or the seller’s invoice must be submitted in electronic format and authenticated by the Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Window System (TRMS) as part of the documentation for payment.
It is also to be noted that no importer or exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by the Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Window System (TRMS) presented together with the relevant documents for payment.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
The Federal Government of Nigeria (FGN) through the Central Bank of Nigeria (CBN) has introduced a new system to operate on a global price verification mechanism guided by benchmark prices.
The Central Bank of Nigeria (CBN) said yesterday that effective from 1st of February, 2022, that all import and export transactions would require the submission of an electronic invoice (e-invoice) authenticated by Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Monitoring System (TRMS).
The Apex Bank said that the introduction of the e-valuator and e-invoice would replace the hard copy final invoice as part of the documentation required for all import and export transactions going forward in the country.
This was disclosed in a circular by the CBN titled: “Guidelines on the Introduction of e-Evaluator, e-Invoicing for Import and Export in Nigeria”, signed by the CBN’s Director, Trade and Exchange Department, Dr. Ozoemena Nnaji and directed to all authorized dealers and the public.
The CBN pointed out that the new regulation is aimed at achieving accurate value from import and export in and out of the country.
According to the CBN, this new system will operate on a global Price Verification Mechanism guided by a benchmark price. The benchmark price is the actual spot market price obtainable at the time of consummation of invoicing in that market where the goods are traded.
The CBN said that imports and exports with unit prices that are more than 2.5 per cent of the verified global checkmate prices would be queried and will not be allowed for successful completion of either Form M or Form NXP as the case may be.
Exemptions To The Guideline:
The guideline however provided exemptions from the compliance with the new regulation for all invoices with a value of less than$10, 000 (or its equivalent in another currency), except where the suppliers have an annual cumulative invoicing value equal to or above $500, 000 (or its equivalent in another currency). Those with such cases would be required to submit their invoices regardless of an invoice.
Other Exemptions:
Exemptions were also granted to import and export transactions made by ALL security agencies in the country.
Supplies to Diplomatic and Consular Missions as well as International Agencies dependent on the United Nations are also exempted from the regulation. Also exempted are donations made to foreign governments or international organizations to foundations, charities and recognized humanitarian organizations – and goods directly supplied by foreign government.
Fees: The circular stated that fees, where relevant will be advised from time to time as the system progresses.
What Is The Important Take Away From The Guideline?
The guideline is essentially stipulating that an importer or exporter of goods and services from or into the country MUST ensure that the purchase or sales contract with a foreign supplier or buyer complies with the obligations stated in the regulation. Also, that the supplier or the seller’s invoice must be submitted in electronic format and authenticated by the Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Window System (TRMS) as part of the documentation for payment.
It is also to be noted that no importer or exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by the Authorized Dealer Banks (ADBs) on the Nigeria Single Window Price – Trade Window System (TRMS) presented together with the relevant documents for payment.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
