CBN launches electronic invoicing for importers and exporters on February 1

the Central Bank of Nigeria (CBN) announces that it will launch electronic invoicing for imports and exports in the country from February 1, 2022.

The apex bank made the disclosure in a circular to all authorized dealers and the general public, and signed by its director of the commerce and trade department, OS Nnaji, and posted on its official website on Friday.

He explained that all import and export transactions would require the submission of an electronic invoice authenticated by licensed dealer banks on Nigeria’s one-stop portal – Trade Monitoring System.

The circular is titled “Guidelines on the Introduction of Electronic Valuation and Electronic Invoicing for Import and Export in Nigeria”.

He informed dealers and the general public that the introduction of the electronic assessor and electronic invoice replaced the final paper invoice as part of the documentation required for all import and export transactions.

“The main purpose of this new regulation is to get an accurate value of items imported and exported into and out of Nigeria,” he said.

Apex bank said e-invoicing guidelines require products with a vertical price greater than 2.5% to be queried and not be allowed to successfully complete Form M or Form NXP, as applicable.

According to the circular, an importer/exporter of goods in Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation.

He stated that the supplier/vendor invoice must be submitted in electronic format and authenticated by the authorized dealer’s bank as part of the payment documentation.

“No importer/exporter can make payment to the credit of a foreign supplier unless the electronic invoice has been authenticated by the authorized dealer banks and presented with the relevant document for payments”.

(NOPE)

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