CBN  Commences  e-Invoice For Importers, Exporters Next Week

The Central Bank of Nigeria (CBN),says it will commence  e-invoice for imports and exports from February 1, 2022.

The apex bank disclosed this in a  circular to all authorised dealers and the general public signed by CBN Director in charge of Trade and Exchange Department, Dr. O. S. Nnaji.

It  explained that all import and export operations would require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System.

According to the circular,the introduction of e-valuator and e-invoice replaced 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.

It  said 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.

It added that 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.

It said 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”.