Pegs price difference at no more than 2.5 % to check money laundering

The Central Bank of Nigeria (CBN) has released guidelines for the e-Valuator and e-Invoice to replace hard copy invoices for both exports and imports 

A circular to that effect was  issued yesterday by Dr. O. S. Nnaji, Director, Trade and Exchange Department of the CBN.

The guidelines will become operational from February 1, 2022.

According to the  circular, “effective, February 1, 2022 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 new policy  is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.

The bank.said  it “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 said , “products that are more than 2.5 percent 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 the CBN regulation and 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.