The Central Bank of Nigeria (CBN) will begin e-invoice for imports and exports in the country from Feb. 1, 2022, according to a circular to all authorised dealers and the general public signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.
It explained that all import and export operations would require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System.
The circular is titled ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria”.
It informed dealers and the general public that the introduction of e-valuator and e-invoice replaced hard copy final invoice as part of the documentation required for all import and export transactions.
“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria,” it said.
The apex bank said the e-invoicing guidelines required that products that were more than 2.5 per cent around the vertical price would be queried and would not be allowed successful completion of Form M or Form NXP as the case may be.
According to the circular, an importer/exporter of goods into Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation.
It said that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by authorised dealer bank 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 document for payments”.