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E-evaluator
and E-invoicing is an initiative of the CBN aimed at ensuring that accurate and
fair value is assigned to goods imported and exported to and from the country.
This initiative is expected to curb over and under-invoicing as well as manage
price variations, thus aiding the CBN in reducing capital flight, managing
foreign exchange allocation and enhancing efficiency in supply chain flows.
The
virtual conference which attracted over 240 attendees across the various
sectors of the economy reinforced the Banks commitment to driving cross-border
trade, commerce and prosperity in markets where it operates. It reiterates the
bank’s passion for promoting thought leadership and market advocacy on topical
issues affecting trade by bringing together seasoned experts from both public
and private sectors who expressed their thoughts on the Central Bank’s
initiative.
The
conference provided a platform for major Multinationals, International &
Local Corporates, Industry Experts, Policy Makers, Regulators and other
stakeholders in Nigeria to get a clear understanding of the E-evaluator and
E-invoicing policy and better appreciate the benefits it will deliver to the
Nigerian business community and the nation at large. It also allowed
stakeholders to provide feedback to the regulators’ areas of concern for
re-consideration before the initiative is eventually launched.
Lamin
Manjang (CEO, Standard Chartered Bank Nigeria Limited) stated during the
session that “The Central Bank of Nigeria is keen to ensure that the reserves
are at a healthy level and foreign exchange is being managed prudently. The
introduction of E-evaluator and E-invoicing is part of the initiatives designed
to help the CBN achieve its objective of managing the foreign reserves of the
nation.”
Ibiyemi
Okuneye (Head, Transaction Banking, Standard Chartered Bank Nigeria Limited)
also reiterated that “The wave of new technologies is driving the way trade
business is done globally and helping to promote transparency, traceability and
accuracy of the value of goods and service in cross-border import and export
trade whilst minimising the risk and vulnerabilities of manipulations arising
from over and under-invoicing.
In
response to the evolving landscape, the CBN is introducing the e-evaluator and
e-invoicing which is a critical enabler for ensuring the accuracy of the value
of items of import and export. This initiative has the potential to transform
the trade landscape and open up opportunities for further innovation and
digitization of the trade process in Nigeria.”
The
panel consisted of seasoned experts namely: Mr Maikai Richard Audu (Principal
Manager & Price Verification Coordinator, Trade & Exchange Department
of Central Bank of Nigeria), Mr Bamidele Ayemibo (Lead Consultant, 3T IMPEX,
Trade Academy), Naveen Batra (Treasury Head, Deekay Group of companies), Taiwo
Shotonde (Treasury Team lead at Mantrac Nigeria Ltd), Laoye, Segilola (Client
Manager Team Lead Global Subsidiaries and International Corporates, Standard
Chartered Bank Nigeria).
Standard
Chartered’s strategic purpose is driving commerce and prosperity through our
unique diversity across emerging markets we operate (Asia, Africa and the
Middle East) thus making us the Right Partner of Choice in supporting our
diverse and varied clients’ strategic growth plans and initiatives in these
regions.
Standard
Chartered’s rich history in Nigeria dates back to 1894, through the British
Bank of West Africa and our comprehensive coverage in Africa spanning 15
countries ensures that Standard Chartered can support clients looking to extend
operations into the African region.
At
Standard Chartered Bank Nigeria, we offer a wide range of products and services
in Retail, Wealth Management, Corporate, Commercial and Institutional Banking,
Private, Digital and Transaction Banking business delivered through its robust
electronic cash and trade platform.
SCB’s
extensive experience and unrivalled track record of working with corporates
across African sub-regions position her as the best-suited partner for your
import and export transactions