25 Nov 2019
NIGERIA: Export Documents Digital Filing Now Mandatory
Commercial export from Nigeria must now complete the e-Form NXP electronically, which replaces the previously required manual processing documentation. The form can be completed using the Trade Monitoring System, a government online export processing management web portal.
The new requirement came into force on 31 October, announced in a recent directive from the Trade and Exchange Department of the Central Bank of Nigeria. With the new system, exporters are now able to complete the online form remotely, then submit it to their authorised dealer bank.
There is a charge of NGN5,000 (US$13.75) for each declaration, which will be directly debited from the processing banks’ current account. According to the Central Bank, the processing bank should then recover this cost from the customer, but any charges for e-Form NXP processing must be identified separately from other bank charges. All authorised dealer banks are responsible for informing their customers of the new procedures to ensure compliance and are required to ensure that the processing of e-Form NXP is now done electronically.
To access the system and complete the form online, exporters must have a valid Tax Identification Number (TIN), which if not already issued, can be obtained from the Federal Inland Revenue Service or Joint Tax Board. Any transactions in process using existing hard-copy NXP forms for which shipment has not yet taken place within the transaction period of 90 days, shall be deemed cancelled.
The move reflects the Nigerian government’s aim of improving the ease of doing business in the country. The new e-Form NXP digital procedure should speed up processing of documents; make for easier storage and retrieval of files; allow online real-time processing; and eliminate bulky paper documentation.