The Central Bank of Nigeria (CBN) has released guidelines for e-Valuator and e-Invoice to replace hard copy invoices for exports and imports.
According to a circular issued on Friday, January 21 by the Director, Trade, and Exchange Department of the CBN, S. O Nnaji, the guidelines will become operational from February 1, 2022.
“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 circular stated.
The bank explained that 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”.
“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.”
- “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.
“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.”
The CBN said that an appointed Service Provider will 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’s Single Window portal Trade Monitoring System (TRMS).
Meanwhile, an annual subscription fee of US$350 will be charged per authentication of suppliers on the system.