Import-Export: CBN Begins E-Evaluator, E-invoicing On February 1

Import-Export: CBN Begins E-Evaluator, E-invoicing On February 1

Mariam Sanni, Abuja

The Central Bank of Nigeria, CBN has disclosed that effective, February 1, 2022 all Import and Export operations will require the submission of an Electronic Invoice(e-invoice) authenticated by the Authorized Dealer Bank on  the Nigeria Single Window Portal-Trade Monitoring System, TRMS.

This was made known in a circular signed by the Director Trade and Exchange Department of CBN, Dr Ozoemena Nnaji titled: ‘’Guidelines on the introduction of E- Evaluator, E-Invoicing for import and export in Nigeria’’ made available to AljazirahNigeria in Abuja.

According to him, further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorized dealers and the general public are hereby informed of the introduction of e-Valuator and e-Invoice which replaces hard copy final invoices as part of the documentation required for all import and export transaction.

He explained that the new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.

Dr. Nnaji said that the system would operate on a Global Price Verification Mechanism guided by a benchmark price.

The Director stated that the imports and exports with unit prices that are more than 2.5 percent of the verified global checkmate prices would be queried and will not be allowed for successful completion of either form M or Form NXP.

‘’Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorized dealers and the general public are hereby informed of the introduction of e-Valuator and e-Invoice which replaces hard copy final invoices as part of the documentation required for all import and export transaction.

‘’Effective, February 1, 2022 all Import and Export operations will require the submission of an Electronic Invoice(e-invoice) authenticated by the Authorized Dealer Bank on  the Nigeria Single Window Portal- Trade Monitoring System, TRMS.

‘’Accordingly, the use of e-invoice shall be subjected to the following guidelines: the guidelines as they relate to the obligations of Importers and suppliers for the operations shall be as stated below; production that are queried and will not be allowed successful completion of Form M, Form NXP as the case may be.

‘’An importers/exporter may effect payment to the credit of any foreign Supplier /buyer stipulate compliance with the obligations set out in this regulation and that the Supplier’s/sellers invoice must be submitted in electronic format and authenticated by Authorized Dealer Bank (ADB) as part of the Documentation for payment,’’ he noted.


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