CBN to commence e-invoice for import and export transactions Feb 1

The Central Bank of Nigeria (CBN) says it will commence an electronic invoice (e-invoice) for all import and export operations from February 1. 

An e-invoice is a digitally-delivered invoice issued, transmitted, received, processed, and stored in a specific standardised format. 

O. S. Nnaji, CBN director, trade and exchange department, disclosed this in a circular titled ‘Guidelines on the Introduction of E-Evaluator, E-Invoicing for Import and Export in Nigeria’.

According to the circular, e-valuator and e-invoice would replace the hard copy final invoice as part of the documentation required for all import and export transactions. 

Furthermore, it said import and export operations would require the submission of an electronic invoice authenticated by the Authorised Dealer Banks (ADBs) on the Nigeria single-window portal – Trade Monitoring System.

The apex bank noted that the new regulation aims to achieve accurate value from import and export items in and out of the country.

“Effective February 1, 2022, all Import and Export operations will require the submission of an Electronic Invoice (e-Invoice) authenticated by the Authorised Dealer Banks on the Nigeria Single Window portal – Trade Monitoring System (TRMS),” the statement reads.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria. 

“The system would operate on a Global Price Verification Mechanism guided by a benchmark price. 

“The benchmark price is the actual spot market price obtainable at the time of consummation of invoicing, in that market where the goods are traded. 

“Imports and exports with unit prices that are more than 2.5 per cent of the verified global checkmate prices would be queried and will not be allowed for successful completion of either form M or Form NXP as the case may be.” 

In November, CBN had also automated Form A for invisible transactions and NCX form, used for non-commercial exports on the trade monitoring system.