The Central Bank of Nigeria (CBN) has announced the introduction of Electronic Assessor and Electronic Invoice to replace final paper invoices as part of the documentation required for all import and export transactions.
With these new regulations, imports and exports with unit prices greater than 2.5% of checkmate verified world prices would be queried and would not be allowed to successfully complete Form M or Form NXP.
This disclosure was made by the CBN in a circular titled, “Guidelines on Introduction of Electronic Assessment, Electronic Invoice for Import and Export in Nigeria” addressed to all authorized dealers and the general public, and signed by its Director, Commerce and Trade Department, Dr. OS Nnaji.
Key points to remember
This new regulation is primarily aimed at obtaining an accurate value of items imported and exported into and out of Nigeria.
All import and export activities, according to the apex bank, will require the filing of an electronic invoice on Nigeria’s one-stop portal – Trade Monitoring System, which will be authenticated by licensed concession banks.
No importer/exporter can make a payment to the credit of a foreign supplier unless the electronic invoice has been authenticated by the authorized dealer banks and the required payment documents have been provided.
According to the Operational Manual for Form M and Form NXP Electronic Invoicing, a supplier/buyer of goods or services for import/export activities into or out of Nigeria must register on a specific electronic portal provided by CBN and administered by CBN’s agent service providers. .
Validated electronic invoices will be delivered to the supplier/buyer by the service provider designated by CBN for transmission to the customer and negotiation of payment. In addition, the CBN Approved Service Provider will submit the electronic invoices to the Nigeria Single Window Portal – Trade Monitoring System (TRMS).
Certain import and export operations are exempt from sending electronic invoices such as:
- All individual invoices with a value less than $10,000 (or its equivalent in another currency), except where suppliers have an annual cumulative invoice value equal to or greater than $500,000 (or its equivalent in another currency) , they must submit e-invoices for all their transactions, regardless of the individual value of an invoice.
- Import and export transactions carried out by all security agencies in the country
- Supplies to diplomatic and consular missions and supplies to international organizations dependent on the United Nations.
- Donations made by foreign governments or international organizations to recognized foundations, charities and humanitarian organizations.