CBN introduces e-invoice, e-valuators in import/export payment system

The Central Bank of Nigeria CBN has introduced electronic Valuator and electronic invoicing to replace final invoice as part of the documentation required for all import and export Transactions in the country.

The CBN circular to all authorised dealers and members of the public, signed by Director Trade and Exchange Department, Dr O.S. Nnaji said that the new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.

The apex bank new guidelines which will become effective on February 1, 2022 required all import and export operations to submit electronic invoice authenticated by the authorised dealers banks on the Nigeria single window portal monitoring system (TRMS).

The circular said that the system would operate on a global price verification mechanism guided by a benchmark price.

The price according to the CBN is the actual spot market price obtainable at the time of consummation of invoicing in that market where the goods are traded.

The circular, however , stated that the imports and exports with unit prices that are more than 2.5 per cent of the verified global checkmate price would be queried and will not be allowed for successful completion of either Form M or Form NXP as the case may be.

Apex bank explained that the invoice shall be subject to the guidelines as they relate to the obligations of importers and suppliers for the operations shall be products that are more than 2.5 per cent around the vertical would be queried and will be allowed successful completion of Form M and Form NXP as the case may be.

The bank said that the obligations set out in this regulation and that of the supplier/ seller invoice must be submitted in electronic format and authenticated by authorised dealers bank (ADB) as part of documentation for payment.

It further stated that the content of the electronic invoice authenticated by authorised dealers bank only advisory for Nigeria customs service.