Joseph Inokotong, Author at Tribune Online

The Central Bank of Nigeria (CBN) has issued a new guideline on the introduction of e-Evaluator and e-Invoicing for import and export businesses in Nigeria. This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria. The circular states that effective February 1, 2022, all importers and exporters must submit an electronic invoice (e-lnvoice) authenticated by the Authorised Dealer Banks on the Nigeria Single Window portal - Trade Monitoring System (TRMS). Addressed to all authorised dealers and the general public, the circular referenced TED/FEM/FPC/PUB/01/001, dated January 21, 2022, and signed by Dr O. S. Nnaji, Director, Trade and Exchange Department said the introduction of e-Valuator and e-lnvoice replaces the hard copy final invoice as part of the documentation required for all import and export transactions. According to the apex bank, 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.” The CBN explained further that “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." The use of e-lnvoice, the CBN said shall be subject to the stipulated guidelines as they relate to the obligations of Importers and Suppliers. It added that their operations shall be as stated here: “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. “An importer/exporter of goods into Nigeria shall 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 (ADB) 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 documents for payment. “The content of the electronic invoice authenticated by Authorised Dealer Banks is only advisory for the Nigeria Customs Service (NCS). “A Supplier/buyer of goods or services for import/export operations into or out of Nigeria is required to register on a dedicated electronic portal provided by CBN and operated by CBN's agent service providers as in the operational manual for Form M and Form NXP e-invoicing. “Following satisfactory registration and authentication, CBN appointed Service Provider shall deliver a verification report and digital certificate to the Supplier/buyer, which is valid for one year from the date of issuance. Supplier shall use the digital certificate for signing any e-invoice to be submitted. “Following satisfactory registration and authentication, the Supplier/buyer is required to register or submit e-invoices in the dedicated portal for their validation and authentication as specified by the CBN. “The CBN appointed Service Provider shall deliver the authenticated e-invoices to the Supplier/buyer for transmission to the buyer and negotiation of payment. CBN appointed Service Provider shall additionally transmit the e invoices to Nigeria Single Window portal - Trade Monitoring System (TRMS). “An annual subscription fee of US$350 is charged per authentication of Suppliers on the system “Supplier/buyer is advised that an electronic invoice that has been authenticated is required for payment. Any printed version of the electronic invoice will display a QR code to permit verification of its authenticity online.” However, in the circular, the following import and export operations are exempted from the submission of e-invoices: “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 USD500,000 (or its equivalent in another currency) they shall submit e-invoices for all their operations, regardless of the individual value of an invoice. “Import and export transactions made by all security agencies in the Country; Supplies to diplomatic and consular missions and supplies to international agencies dependent on the United Nations. “Donations made by foreign governments or international organisations to foundations, charities and recognised humanitarian organisations, and Goods directly supplied by a foreign government.” The CBN while urging those concerned to note and ensure compliance added that “fees (where relevant) shall be advised from time to time as the system progresses.” YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE We Have Not Had Water Supply In Months ― Abeokuta Residents In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. 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