CBN announces new e-invoicing guidelines for imports and exports

*The Central Bank of Nigeria says effective from February 1, 2022, all Import and Export operations will require submission of an Electronic Invoice (e-Invoice), authenticated by the Authorised Dealer Banks on the Nigeria Single Window portal TMS,  for ‘accurate value’ from import, export items in and out of the country

Gbenga Kayode | ConsumerConnect

In consonance with a Global Price Verification Mechanism guided by a benchmark price, the Central Bank of Nigeria (CBN) has released new guidelines for the e-Valuator and e-Invoice to replace hard copy invoices for both exports and imports in the West African country.

ConsumerConnect reports the Bankers’ Bank announced this development via a circular Dr. O. S. Nnaji, Director of Trade and Exchange Department of the CBN, issued Friday, January 21, 2022.

The Bankers’ Bank noted that the fresh guidelines would become operational from February 1 this year.

E-Invoicing Bill   Photo: Dreamstime

The  circular stated: “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 Monitoring System (TRMS).”

The CBN also stated that fresh e-invoicing policy is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.

The Bank further said: “It 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 over 2.5 percent 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, said the apex bank.

The circular noted: “Products that are more than 2.5 percent 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.

“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 the CBN regulation and 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.

“Also, 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.”

According to CBN, content of the electronic invoice authenticated by Authorised Dealer Banks is only advisory for the Nigeria Customs Service (NCS).

“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 the CBN and operated by CBN’s agent service providers as in the operational manual for Form M and Form NXP e-lnvoicing.

The Bank also said: “Following satisfactory registration and authentication, the 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.

“A supplier will use the digital certificate for signing any e-invoice to be submitted.

“After satisfactory registration and authentication, the supplier/buyer is required to register or submit e-invoices in the dedicated portal for their validation and authentication as specified by the CBN.”

It stated that an appointed Service Provider would deliver the authenticated e-invoices to the supplier/buyer for transmission to the buyer and negotiation of payment.

The CBN-appointed Service Provider will additionally transmit the e-invoices to Nigeria Single Window portal Trade Monitoring System (TRMS).

An annual subscription fee of US$350 will be charged per authentication of suppliers on the system.

The Bank as well stated that “the Supplier/buyer is advised that an electronic invoice that has been authenticated is required for payment.

“Any printed version of the electronic invoice will display a QR code to permit verification of its authenticity online.”