From February 1, the Central Bank of Nigeria (CBN) will begin using electronic invoices (e-invoices) for all import and export operations.
An e-invoice is a standardised digitally delivered invoice that is issued, transmitted, received, processed, and stored in a specific format.
This was revealed in a circular titled ‘Guidelines on the Introduction of E-Evaluator, E-Invoicing for Import and Export in Nigeria’ by O. S. Nnaji, CBN director, trade and exchange department.
According to the circular, an e-valuator and an e-invoice would be used in place of the hard copy final invoice as part of the documentation required for all import and export transactions.
The Central Bank of Nigeria (CBN) will begin using electronic invoices (e-invoices) for all import and export operations on February 1.
An e-invoice is a digitally delivered standardised invoice that is issued, transmitted, received, processed, and stored in a specific format.
This was revealed in a circular titled ‘Guidelines on the Introduction of E-Evaluator and E-Invoicing for Import and Export in Nigeria’ issued by O. S. Nnaji, CBN director of trade and exchange.
According to the circular, an e-valuator and an e-invoice would be used as part of the documentation required for all import and export transactions in place of the hard copy final invoice.
“The primary goal of this new regulation is to achieve accurate value from import and export items into and out of Nigeria.”
“The system would be based on a Global Price Verification Mechanism, which would be guided by a benchmark price.”
“The benchmark price is the actual spot market price available at the time of invoicing in the market in which the goods are traded.”
“Imports and exports with unit prices that are more than 2.5 percent higher than the verified global checkmate prices will be questioned and will not be permitted to complete Form M or Form NXP, as applicable.”
On the trade monitoring system, the CBN also automated Form A for invisible transactions and Form NCX for non-commercial exports in November.
