The Central Bank of Nigeria (CBN) 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, dated January 21, 2022 to all authorised dealers and the general public.
It stated that ‘further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby 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.
“Effective February 1, 2022 all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single window portal- Trade Monitoring System,” it said.
According to the circular, the new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.
