CBN Implements E-invoice for Imports, Exports Feb 1

The Central Bank of Nigeria has said that all import and export operations will require the submission of an electronic invoice authenticated by the authorised-dealer banks on the Nigeria single window portal, Trade Monitoring System, effective from February 1.

The CBN disclosed this on Friday in a circular signed by the Director, Trade and Exchange Department, Dr O. S. Nnaji, dated January 21, 2022, to all authorised dealers and the general public.

It said, ‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions.

According to the circular,  effective date is as from February 1, 2022, that all import and export operations will 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 CBN, the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.

It said 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 and 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,” it added.

The circular further stated that however, the following import and export operations are exempted from the submission of e-invoices:

i) 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 USDS00,000 (or its equivalent in another currency) they shall submit e-invoices for all their operations, regardless of the individual value of an invoice.

ii) Import and export transactions made by all security agencies in the Country

iii) Supplies to diplomatic and consular missions and supplies to international agencies dependent on the United Nations.

iv) Donations made by foreign governments or international organizations to foundations, charities and recognized humanitarian organizations.

v) Goods directly supplied by a foreign government.

January 22, 2022