CBN flags off Electronic Form to Facilitate Easy Access for Authorised Dealers

By InstinctBusiness Oct 30, 2019 0

The Central Bank of Nigeria (CBN) has introduced electronic forms for commercial exports (e-Form NXP) to replace the hard copy form that was in use previously.

According to a notification to all authorised dealers, the Nigeria Customs Service, pre-shipment inspection agents and the general public, signed by Dr. O.S. Nnaji, on behalf of the Director, Trade and Exchange Department, a copy of which was posted on its website, the central bank said the e-Form ‘NXP’ becomes effective from tomorrow.

Hence, all authorised dealers were required to ensure that the processing of the form is done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng.

Meanwhile, the banks’ export customers were required to obtain a valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS)/Joint Tax Board.

According to central bank, the TIN, is a prerequisite for customers to access the trade system for e-Form NXP application.

It was also mentioned that, “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.

CBN stressed that, “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.”

In addition, it was stated that, “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.”