MON 24 JAN, 2022-theGBJournal- The Central Bank of Nigeria (CBN) weekend introduced a fresh documentation process to ease import and export transactions for businesses.
Dubbed the e-Valuator and e-Invoice, both new processes are to replace the hard copy final invoice as part of the documentation required for all import and export transactions.
The new process takes effect from February 1, 2022. With this, all import and export operations will require the submission of electronic invoices (e-invoice) authenticated by the Authorised Dealers Bank on the Nigeria Single Window Portal-Trade Monitoring System (TRMS).
The apex bank said the new regulation is primarily aimed at achieving accurate value from export and import items in and out of Nigeria.
‘’The system will operate on a Global Price Verification Mechanism, guided by a benchmark price,’’ the CBN said.
The benchmark price is the actual spot market price obtainable at the time of the consummation of invoicing, in that market where the goods are traded.
The CBN outlined the guidelines saying;- Exports and Imports with unit prices of more than 2.5% 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 maybe.
It says an importer/exporter of good 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 Authenticated by Authorised Dealer Banks (ADB) as part of the documentation for payment.
‘’No import/ exporter may effect payment to the credit of an 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 Dealers 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 the 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.’’
The CBN also provided exemptions to import and export operations from the submission of e-invoices saying;
‘’All individual invoices with a value of less than US$10,000 (or its equivalent in another currency), except where Suppliers have an annual cumulative invoicing value equal to or above US$500,000 (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.
Goods directly supplied by a foreign government.’’
The CBN said fees shall be advised from time to time as the system progresses.
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