The Central Bank of Nigeria has said that 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 effective from February 1. 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 titled ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ on Friday. “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. “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,” it stated. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Source: Punch January 22, 2022 06:35 UTC