Effective February 1, all import and export operations will require the submission of an electronic invoice (e-Invoice) authenticated by the authorised dealer banks on the Nigeria single window portal-Trade Monitoring System (TRMS),” the Central Bank of Nigeria (CBN), has said.
An e-invoice is a digitally-delivered invoice issued, transmitted, received, processed, and stored in a specific standardised format.
According to a circular, issued by the Director, Trade and Exchange Department, O. S. Nnaji, the new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
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.
The circular is titled: “Guidelines on the Introduction of E-Evaluator, E-Invoicing for Import and Export in Nigeria.”
It also reads: “This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
“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.
“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.”
It reiterated that “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.”
However, the CBN directed that all individual invoices with a value less than $10,000 or its equivalent in another currency, except where suppliers have an annual cumulative invoicing value equal to or above $500,000, or its equivalent in another currency, shall submit e-invoice for all their operations, regardless of the individual value of the invoice.
Also exempted are 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 recognized humanitarian organisations are also expected.
