The Central Bank of Nigeria (CBN) says it will commence an
electronic invoice (e-invoice) for all import and export operations from
February 1.
An e-invoice is a digitally-delivered invoice issued,
transmitted, received, processed, and stored in a specific standardised format.
O. S. Nnaji, CBN director, trade and exchange department,
disclosed this in a circular titled ‘Guidelines on the Introduction of
E-Evaluator, E-Invoicing for Import and Export in Nigeria’.
According to the circular, e-valuator and e-invoice would
replace the hard copy final invoice as part of the documentation required for
all import and export transactions.
Furthermore, it said import and export operations would
require the submission of an electronic invoice authenticated by the Authorised
Dealer Banks (ADBs) on the Nigeria single-window portal – Trade Monitoring
System.
The apex bank noted that the new regulation aims to achieve
accurate value from import and export items in and out of the country.
“Effective February 1, 2022, all Import and Export
operations will require the submission of an Electronic Invoice (e-Invoice)
authenticated by the Authorised Dealer Banks on the Nigeria Single Window
portal – Trade Monitoring System (TRMS),” the statement reads.
“This new regulation is
primarily aimed at achieving accurate value from import and export items in and
out of Nigeria.
“The system would 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.
“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.”
In November, CBN had also automated Form A for invisible
transactions and NCX form, used for non-commercial exports on the trade
monitoring system.
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