Nigeria’s Central Bank Introduces E-invoice for Importers, Exporters

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The Central Bank of Nigeria (CBN) says it will begin issuing e-invoices to importers and exporters on February 1, 2022.

This was made known by an apex bank circular signed by its Director, Trade and Exchange Department, Dr O. Nnaji, and posted to the bank’s website on Friday.

Trade Monitoring System will require an electronic invoice authenticated by the authorised dealer banks for all import and export operations.

Guidelines on the introduction of e-valuation and e-invoicing in Nigeria are contained in the circular.

The document informed dealers and the general public that the introduction of e-valuators and e-invoices was part of the documentation needed for all import and export transactions.

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In its introduction, the new regulation aimed at accurately determining the value of imports and exports into and out of Nigeria.

According to the apex bank’s e-invoicing guidelines, if a product is over 2.5 per cent above or below the vertical price, those products will be scrutinized, and they will not be allowed to complete Form M or Form NXP.

An importer/exporter of goods into Nigeria must make sure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with this regulation.

Among the requirements for payment is the electronic submission of the supplier’s/seller’s invoice and the authentication by an authorized dealer bank.

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“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 document for payments.”

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