CBN has introduced the e-valuator, e-invoicing for import and export in Nigeria.
Glamtush reports that the Central Bank of Nigeria (CBN) has introduced the e-Valuator and e-Invoice
According to the circular from the Central Bank of Nigeria (CBN) referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2021, signed by Dr O.S. Nnaji, Director, Trade & Exchange Department sent to banks, all authorized dealers and the general public are hereby informed of the introduction of e-valuator, e-invoicing which replaces hard copy final invoice as part of the documentation required for all import and export transactions.
The circular added that effective February 1, 2022, all import and export operations will require the submission of an electronic (e-invoice) authenticated by the Authorised Dealer Banks on the Nigeria Single Window portal – Trade Monitoring System (TRMS).
The new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
What does this mean?
From February 1, 2022, suppliers and buyers of goods/services for import and export activities in or out of Nigeria will require validated e-Invoices administered by a CBN appointed Service Provider. The Service Provider will then send the e-Invoice to the Trade Monitoring System (TRMS) for authentication.
Here are a few things to note
- Products that are more than 2.5% around the vertical price will not be allowed successful completion of Form M or Form NXP.
- A supplier/buyer of goods or services for import/export operations into or out of Nigeria is required to register on a dedicated electronic portal provided by CBN and operated by CBN’s agent service providers as in the operational manual for Form M and Form NXP e-Invoicing.
- Following satisfactory registration and authentication, the CBN appointed Service Provider will deliver a verification report and digital certificate (valid for one year from the date of issuance), to the supplier/buyer. Suppliers will use the digital certificates to sign the e-Invoice before submission.
- An annual subscription fee of $350 is charged per authentication of the supplier.
- Importers and exporters of goods in and out of Nigeria will ensure that the purchase or sale contract with a foreign supplier or buyer stipulates compliance with the obligations in this regulation. The supplier or seller’s invoice must be submitted in electronic format and authenticated by Authorized Dealer Banks as part of the documentation for payment.
- No importer or exporter should pay any foreign supplier unless the e-Invoice has been authenticated by an Authorized Dealer Bank. This should be presented together with the relevant documents for payment.
Exemptions to the submission of e-Invoice
- 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 are required to submit e-Invoices for all their operations, regardless of the individual value of an invoice.
- 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 organizations to foundations, charities and recognized humanitarian organizations.
- Goods directly supplied by a foreign government.
Fees
Fees (where relevant) shall be advised from time to time as the system progresses.
