The Central Bank of Nigeria has announced that effective from the 1st of February, all import and export operations will require the submission of an electronic invoice certified by an authorized-dealer banks on the Nigerian single window, Trade Monitoring System.
The apex bank disclosed this in a circular signed by its Director, Trade and Exchange Department, Dr O. S. Nnaji, to all authorized dealers and the general public.
It stated that this new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
It further added that 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.
According to the CBN, 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.
