FX: CBN Tasks Stakeholders to Adhere to Export Procedure

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FX: CBN Tasks Stakeholders to Adhere to Export Procedure
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FX: CBN Tasks Stakeholders to Adhere to Export Procedure

The Central Bank of Nigeria (CBN) has asked stakeholders to henceforth adhere strictly to export procedure, a move to improve foreign exchange (FX) inflow. 

This information is contained in circular posted on the apex bank website, signed by Dr. Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department.

The statement was also addressed to the Nigerian Custom Service, Authorised dealers, Nigerian Shippers’ council, Federal Airports Authority of Nigeria as well as the general public.FX: CBN Tasks Stakeholders to Adhere to Export Procedure

The CBN demands for strict compliance with those procedures to improve the Nigerian export sector and foreign exchange inflow.

It said, “The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: TED/FEM/FPC/GEN/01/009 dated June 6, 2017.

“It requires that Bills of Lading or Airway Bills in respect of exports from Nigeria carry the form NXP number in respect of underlying cargoes.

“Furthermore, the circular referenced: TED/FEM/FPC/GEN/O1/003 dated Oct. 28, 2019 which mandated electronic processing of NXP on the Trade Monitoring System (TRMS) has not been complied with.

Shipping and airline companies are required to access the TRMS platform, www.tradesystem.gov.ng  to generate form NXP numbers for capture on the Bill of Lading for export cargoes,’’ he said.

Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.

“Consequently, all shipments of export cargoes from Nigeria shall be in accordance with aforementioned procedures.

“Failure to comply will attract severe sanctions, which shall include refund of the Foreign Exchange (Forex) value of goods illegally exported, as well as Post-No-Debits on all bank accounts nationwide,’’ he said.

Read Also: Foreign Exchange Liquidity Remains Weak as CBN Plays Ostrich

FX: CBN Tasks Stakeholders to Adhere to Export Procedure.

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