Regulatory Alerts2017-06-06 | TED/FEM/FPC/GEN/01/009Exports From Nigeria - Compliance With Memorandum 11 of The Foreign Exchange Manual
The Trade and Exchange Department of the Central Bank of Nigeria has issued a notice requiring exporters to register Forms NXP with an authorized dealer before shipping goods. All bills of lading for exports must now carry the corresponding Form NXP number, as specified in Memorandum 11 of the Foreign Exchange Manual. This is to ensure that all export transactions are conducted through formal channels and to prevent non-compliance, which will be considered a violation of existing regulations. This update comes into effect immediately and strict compliance is mandatory.
TRAL BANK OF NIGERIA orporate Head Office entral Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09-61637800 09-61637804 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/009 June 06, 2017 TO: ALL AUTHORISED DEALERS, EXPORTERS THE GENERAL PUBLIC EXPORTS FROM NIGERIA- COMPLIANCE WITH MEMORANDUM 11 OF THE FOREIGN EXCHANGE MANUAL In the continued effort to ensure that all 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 Forms NXP with an Authorized 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 regulations for any shipper to take on-board any cargo for which a Form NXP is not duly completed by the exporter This circular takes immediate effect.
Please ensure strict compliance.
W.D/GO TRING DIRECTOR TRADE & EXCHANGE DEPARTMENT