The Central Bank of Nigeria has announced its plan to replace hard copy final invoice for import and export documentation with e-invoice and e-valuator effective February 1st, 2022.
This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
According to the circular released by the apex bank, 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 invoice shall be subject to the guidelines as they relate to the obligations of importers and suppliers for the operations shall be products that are more than 2.5 percent around the vertical would be queried and will be allowed successful completion of Form M and Form NXP as the case may be.
“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.” it stated
