Electronic forms for the purpose of commercial exports (e-Form NXP) has been introduced by the Central Bank of Nigeria (CBN) to phase out hard copy forms employed for the same purpose.
The Details: This new directive, posted on the website of the CBN, was signed by Dr O.S. Nnaji, on behalf of the Director, Trade and Exchange Department and issued to all authorized dealers, the Nigeria Customs Service, pre-shipment inspection agents, Shipping lines and the general public.
According to the apex bank, the e-Form NXP is expected to be effective from tomorrow, October 31, 2019, and will cover Oil and Gas and Non-Oil commercial exports.
Similarly, all authorised dealers have been advised to access the form “NXP” electronically through a Trade Monitoring System available at www.tradesystem.gov.ng.
[READ MORE: CBN boosts cotton production with N19bn loan]
In addition, banks’ export customers were directed to obtain a valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN is a prerequisite for customers to access the trade system for e-Form NXP application, according to the bank.
“The e-Form NXP is web-based and allows exporters to initiate the Form from their offices/homes same to the authorised dealer bank. A charge of N5,000 as fee per declaration for e-Form ‘NXP’ is applicable with effect from October 31, 2019, and henceforth.
“There will be a direct debit of the processing banks’ current account for each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form ‘NXP’ should be separated from other banks’ charges.
“All hard copy Form ‘NXP’ established on or before October 30, 2019 (prior to the commencement of the e-Form ‘NXP’) shall be utilised within 90 days of the establishment of the form. For the avoidance, all established hard copy forms ‘NXP’ for which shipment has not taken place within the transaction period of 90-day shall be deemed cancelled. All authorised dealer banks are enjoined to inform their customers of this development for compliance,” the statement read.
