Experts expect same interest rate, others as MPC holds today
Experts have predicted that the Monetary Policy Committee will retain the benchmark interest rate and…
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Dangote Oil Refinery to Begin Production before Q3, 2022
Africa’s richest man, Aliko Dangote, said mechanical work on his much-awaited crude oil refinery located…
Baobab Microfinance Bank Launches New App to Boost Mobile Banking
As part of its effort to ensure its customers have easy access to their funds…
World Bank, AfDB approved $2.83bn for Nigeria in 2021
The World Bank and the African Development Bank approved a total sum of $2.83bn to…
51,392 workers change pension companies, move N190.62bn
No fewer than 51,392 aggrieved workers under the Contributory Pension Scheme have changed their Pension…
The Central Bank of Nigeria has said that 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, effective from February 1. The CBN disclosed this on Friday in a circular signed by the Director, Trade and Exchange Department, Dr O. S. Nnaji, dated January 21, 2022, to all authorised dealers and the general public. It said, ‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions. “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. “This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.” According to the CBN, the e-invoicing guidelines require that products that are more than 2.5 per cent 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. Read Also Cash-strapped banks borrow N9.17tn from CBN in seven months CBN’s COVID-19 interventions’ implementation falls short of expectations – MAN Microfinance bank gets CBN’s nod for commercial banking It said an importer/exporter of goods into Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation and that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by authorised dealer bank as part of the documentation for payment. “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,” it added.
The Central Bank of Nigeria has said that all import and export operations will require…
Nigeria’s forex inflow hits $55.5bn in seven months
The country recorded a foreign exchange inflow of $55.5bn in seven months, data obtained from…
FG’s January bonds oversubscribed by N175bn –DMO
The Federal Government’s bonds for January worth N150bn, which were auctioned on January 19, were…
Port Harcourt refinery projects 3.96 billion litres petrol annually, aviation fuel – Report
The Port Harcourt Refining Company, currently under rehabilitation, will supply 11 million litres of Premium…
RMB Nigeria Advises BUA Foods on its Listing by Introduction on NGX
Rand Merchant Bank Nigeria Limited (“RMB Nigeria”) has said that it is proud to have…