JUST IN: CBN Begins e-invoice For importers, Exporters
The Central Bank of Nigeria (CBN) has begun e-invoice for importers and exporters.Information Guide Nigeria
According to THE WILL, CBN has set February 1 as take-off date for all importers and exporters to submit an electronic invoice (e-invoice) authenticated by the authorised dealer banks to the regulator.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThis was disclosed by the Central Bank of Nigeria in a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria.”Jamb Result
THE WILL reports that the circular was addressed to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.
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According to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020; “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”.
“The e-invoicing guidelines also require that products that are more than 2.5 percent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.”
“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.”
THE WILL reports that according to CBN, all individual invoices with a value less than $10,000 or its equivalent in another currency, except where suppliers have an annual cumulative invoicing value equal to or above $500,000, or its equivalent in another currency, shall submit e-invoice for all their operations, regardless of the individual value of the invoice.
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