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.
Fees (where relevant) shall be advised from time to time as the system progresses.
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