From February 1, 2022, all import and export operations would require the submission of an electronic invoice and electronic valuator authenticated by the authorised dealer banks on the Nigeria Single Window portal, (Trade Monitoring System), the Central Bank of Nigeria has said.
This was disclosed in a circular released at the weekend and signed by CBN’s Director, Trade and Exchange Department, Dr. O. S. Nnaji.
According to the banking sector regulator, the e-invoice and e-valuator ar consistent with its desire to promote ease of doing business and engendering transparency in the economy.
The circular was titled: “Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria.”
It informed dealers and the general public that the introduction of e-valuator and e-invoice replaced the hard copy final invoice as part of the documentation required for all import and export transactions.
“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria,” it said.
The apex bank added that the e-invoicing guidelines required that products that were more than 2.5 per cent around the vertical price would be queried and would not be allowed successful completion of Form M or Form NXP as the case may be.
According to the circular, 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.
The CBN further explained 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 added.
The CBN Governor, Mr Godwin Emefiele, recently assured Nigerians of various efforts and initiatives aimed at bolstering the economy for the good of the country.