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The Central Bank of Nigeria 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.
The CBN disclosed this in a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji.
It stated that all authorised dealers and the general public are 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.
The e-invoicing guidelines also require that 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.
