Automation of Form "NXP" on the Trade Monitoring System

CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237804 09 46237800 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/003 October 28, 2019 TO: ALL AUTHORIZED DEALERS NIGERIA CUSTOMS SERVICE (NCS) PRE-SHIPMENT INSPECTION AGENTS SHIPPING LINES & AIRLINES THE GENERAL PUBLIC AUTOMATION OF FORM "NXP" ON THE TRADE MONITORING SYSTEM This is to inform all Authorised Dealers, Nigeria Customs Service (NCS), Pre-shipment Inspection Agents and the General Public of the deployment of e-Form `NXP'.

Accordingly, the e-Form 'NXP' shall replace the hard copy Form 'NXP' for commercial exports (Oil & Gas and Non-Oil), with effect from October 31, 2019. Consequently, all Authorised Dealers are required to ensure as follows:

1. That the processing of Form 'NXP' shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.nq 2. Banks' export customers are required to obtain a valid Tax Identification Number (TIN) from Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN is a prerequisite for customers to access the Trade System for e-Form 'NXP' application.

2. The e-Form 'NXP' is web based and allows the Exporters to initiate the Form from their offices/homes and submit same to the Authorised Dealer Bank.

3. A charge of N5,000.00 as fee per declaration for e-Form 'NXP' is applicable with effect from October 31, 2019 and henceforth. There will be a direct debit of the processing bank's current account for each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form 'NXP' should be separated from other bank charges.

4. All hard copy Forms 'NXP' established on or before October 30, 2019 (prior to the commencement of the e-Form 'NXP') shall be utilized within 90 days of the establishment of the Form.

5. For the avoidance of doubt, all established hard copy Forms 'NXP' for which shipment has not taken place within the transition period of 90 days shall be deemed cancelled.

6. All Authorised Dealer banks are enjoined to inform their customers of this development for compliance.

O. S. NNAJI (Dr.) For: DIRECTOR TRADE AND EXCHANGE DEPARTMENT