Economy, News

CBN begins e-invoices for importers and exporters with a $500,000 value

The Central Bank of Nigeria (CBN) has set February 1 take-off date for all importers and exporters to submit an electronic invoice (e-invoice) authenticated by the authorised dealer banks to the regulator.

The CBN’s ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ released Friday, directed that the e-invoice should be submitted on the Nigeria single window portal-Trade Monitoring System set up by the apex bank.

This disclosure was made by the CBN in a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria” addressed to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.

It stated that ‘further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions.

“Effective February 1, 2022 all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single window portal-Trade Monitoring System”, it said.

According to the circular, the new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.

“The e-invoicing guidelines also require that 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”, it said.

It stated that 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 and 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”  it stated.

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, they 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 by the apex bank

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