The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours.
A circular to authorised dealers, signed by the Central Bank of Nigeria (CBN) Director, Trade and Exchange Department, W.D. Gotring explained that:
- The revised documentation requirements and timeline for processing Form ‘NXP’ include the Revised Import Documentation: Bill of lading, Certificate of Origin (formerly Combined Certificate of Value of Origin), Commercial Invoice and Exit Note (formerly Exit Gate).
- Other documentations are Form ‘M’, Packing List, Single Goods Declaration and Product Certificate. Other revised export documentation include Bill of Lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration, Nigerian Export Proceeds (NXP) Form, Clean Certificate of Inspection (CCI).
- The CBN has also said the timeline for processing Form ‘NXP’ by the authorised dealers shall be a maximum of 48 hours from the receipt of the application subject to appropriate documentation.
- Authorised dealers shall submit returns to the CBN on compliance with the 48 hours timeline. All authorised dealers are therefore advised to note and bring the provisions of the circular to the attention of their customers.
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