Importers, exporters can’t over price products as CBN mandates e-invoice
The Central Bank of Nigeria (CBN) has announced the introduction of e-evaluator and e-Invoice to replace hard copy final invoices as part of the documentation required for all import and export transactions.
With these new regulations, imports and exports with unit prices that are more than 2.5% of the verified global checkmate prices would be queried and will not be allowed for successful completion of either Form M or Form NXP.
This disclosure was made by the CBN in a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria” addressed to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.
Key takeaways
This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
All import and export activities, according to the apex bank, will need the filing of an electronic invoice on the Nigeria single-window portal – Trade Monitoring System, which will be authenticated by authorised dealer banks.
No importer/exporter may make a payment to a foreign supplier’s credit unless the electronic invoice has been authenticated by Authorised Dealer Banks and the required payment documentation have been supplied.
According to the operational handbook for Form M and Form NXP e-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.
The validated e-invoices will be delivered to the supplier/buyer by the CBN designated Service Provider for transmission to the customer and payment negotiation. In addition, the CBN-approved Service Provider will send the e-invoices to the Nigeria Single Window Portal – Trade Monitoring System (TRMS).
Some import and export operations are exempted from the submission of e-invoices such as:
- All individual invoices with a value of less than USD10,000 (or its equivalent in another currency), except where Suppliers have an annual cumulative invoicing value equal to or above USD500,000 (or its equivalent in another currency) they shall submit e-invoices for all their operations, regardless of the individual value of an invoice.
- Import and export transactions made by all security agencies in the Country
- Supplies to diplomatic and consular missions and supplies to international agencies dependent on the United Nations.
- Donations made by foreign governments or international organizations to foundations, charities and recognized humanitarian organizations.
