The Central Bank of Nigeria (CBN) has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP with a view to taking advantage of all exports in the push for increased foreign exchange earnings into the nation’s economy.
The directive was contained in a circular “Exports from Nigeria- Compliance with Memorandum 11 of the Foreign Exchange Manual,” dated June 6, 2017 and signed the Director, Trade and Exchange Department, Mr. W.D. Dotring.
The circular addressed to authorised dealers, exporters and the general public, reads in full: “In the continued effort to ensure that export transactions are carried out through the formal channels, bills of lading in respect of exports from Nigeria shall henceforth carry the Form NXP number of the underlying cargo. “Consequently, all exporters are required to register Form NXP with an Authorised Dealer of their choice prior to shipment in line with memorandum 11 section 1 (a) (i).
“For the avoidance of doubt, it shall be a breach of extant regulation for any shipper to take on-board any cargo for which a Form NXP is not duly completed by the exporter. “The circular takes immediate effect.”
The CBN had earlier in April 19, issued a circular on “Revised Import and Export Documentation and Timeline for Processing Form “NXP’.”
In a “Notice to Exporters” on the Nigerian Customs Service website, the agency outlined that the objectives of completing the Nigerian Exports Proceeds (NXP) Form is to ensure:
“That goods to be exported meet with the buyer’s expectation (order) since the goods will be subjected to inspection, conducted by relevant Government agencies. Depending on the export items, these include: Plant Quarantine, (Federal Ministry of Agriculture), Federal Produce Inspection Service (Federal Ministry of Commerce and Tourism), National Agency for Food and Drugs (Federal Ministry of Health) and Standards Organization of Nigeria (SON).
“That only goods that have satisfied the buyer’s order have been shipped – the Nigeria Customs Service on shipment will duly certify a copy of the form.
“That proceeds (payment) due to the exporter are duly repatriated within 90 days of shipment of goods and credited to his Domiciliary Account maintained with the Authorized Dealer that proceed or registered the Form NXP,” the notice concluded.
