Regulatory Alerts2006-09-22 | OFID-07-2006Submission of Final Shipping Documents
The Central Bank of Nigeria has reminded all authorized dealers, importers, and the general public that submitting final shipping documents within 90 days after negotiating a transaction is mandatory. Failure to comply with this requirement could result in foreign exchange embargoes for defaulters. Authorized Dealers are also required to update their Monthly Returns DTR 216 and report any non-compliant importers. Submitting false or inaccurate returns may attract appropriate sanctions as provided by BOFIA.
Tel: 09 616 37 804 September 1 9, 2006 Fax: 09 616 37 802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail: ted@cenbank.org
Our Ref: TED/AD/130/2006 TO: ALL AUTHORISED DEALERS, IMPORTERS AND THE GENERAL PUBLIC
Submission Of Final Shipping Documents
It has been observed that the mandatory requirements for all importers to submit final shipping documents to their bankers ninety (90) days after negotiation of the transaction are not being complied with. Similarly, some Authorised Dealers do not report such defaulting customers in line with the regulatory requirements. The submission of final shipping documents by importers evidences, among others, the clearance of goods and payment of appropriate duties thus completing the import cycle. Consequently: a) all importers and Authorised Dealers are reminded that submission of final shipping documents still remains a mandatory requirement in line with current regulations. Importers should, therefore, continue to submit the final shipping documents and Authorised Dealers should report defaulters accordingly; b) Non-submission of final shipping documents is a sanctionable offence and defaulters could be placed on foreign exchange embargo; c) Authorised Dealers are requested to update their Monthly Returns DTR 216 for September 2006 and also give an update on all defaulting importers as at end December, 2005; d) Failure of Authorised Dealers to report to the CBN importers who default in the submission of final shipping document is sanctionable.
All Authorised Dealers and importers are enjoined to ensure that accurate returns on this subject are rendered as submission of false/inaccurate returns shall attract appropriate sanctions as provided for in BOFIA as amended.
O. O. AKANJI (MRS) DIRECTOR TRADE & EXCHANGE DEPARTMENT