The Central Bank of Nigeria (CBN) has announced plans to commence operationalization of e-Valuator and e-Invoice to replace hard copy final invoice as part of the documentation required for all import and export transactions.
In a circular that was released by the apex bank yesterday, the central bank said “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 Monitonng System (TRMS).”
The new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria, according to the circular that was signed by CBN director, trade and exchange depart, Dr O.S. Nnaji. The circular was addressed to all authorised dealers and the general public.
The apex bank said the system 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,” the bank said.
The new guidelines say products that are more than 2 5 per cent 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.
Apart from that, 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 this Regulation and that 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.
It also included that “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 documents for payment.”
Among other requirements, the guideline require that following satisfactory registration and authentication, CBN appointed service provider will deliver a verification report and digital certificate to the Supplier/buyer, which is valid for one year from the date of issuance, adding that supplier will use the digital certificate for signing any e-invoice to be submitted.
“All individual invoices with a value of 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-invoices for all their operations, regardless of the individual value of an invoice,” it stated.
