Regulatory Alerts2020-10-06 | TED/FEM/FPC/GEN/001/008Compliance with Exports Procedure in Nigeria
The Central Bank of Nigeria is concerned about shipping and airline companies' non-compliance with export procedures, specifically the requirement to include Form NXP numbers on Bills of Lading/Airway Bills for exports from Nigeria. The bank has issued a reminder that all shipments of export cargoes from Nigeria must comply with the specified procedures, including generating Form NXP numbers through the Trade Monitoring System (TRMS) platform. Non-compliance will result in severe sanctions, including refunds of the forex value of illegally exported goods and Post-No-Debit on bank accounts.
tral Business Distri .M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237802 09 46237804 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/001/008 October 06, 2020 TO: ALL AUTHORIZED DEALERS NIGERIA CUSTOMS SERVICE (NCS) NIGERIAN SHIPPERS' COUNCIL NIGERIAN CIVIL AVIATION AUTHORITY (NCAA) FEDERAL AIRPORTS AUTHORITY OF NIGERIA (FAAN) SHIPPING COMPANIES & AIRLINES COMPANIES AND THE GENERAL PUBLIC COMPLIANCE WITH EXPORTS PROCEDURE IN NIGERIA The Central Bank of Nigeria has observed with dismay the non-compliance by Shipping and Airline companies to the provisions of the Circular referenced TED/FEM/FPC/GEN/01/009 dated June 06, 2017, requiring that Bills of Lading/Airway Bill in respect of exports from Nigeria carry the Form NXP number in respect of the underlying cargos.
Furthermore, the Circular referenced TED/FEM/FPC/GEN/01/003 dated October 28, 2019 which mandated electronic processing of Form NXP on the Trade Monitoring System (TRMS) and accessible at www.tradesystem.gov.ng has not been complied with.
In line with the provisions of these circulars, Shipping and Airline companies are required to access the TRMS platform to generate Form NXP numbers for capture on the Bill of Lading for export cargoes.
Consequently, all shipment of export cargoes from Nigeria shall with effect from the date of this circular be in accordance with the aforementioned procedures.
For the avoidance of doubt, it shall be a breach of extant regulations for any Shipping Company or Airline Company to take on-board any cargo for which Form NXP is not duly completed and approved on the TRMS platform, failing which severe sanctions shall be meted for such breach, such sanctions shall include refund of the forex value of goods illegally exported as well as Post-No-Debit on all bank accounts Nationwide.
Please ensure strict compliance.
. O.S. NNAJI RECTOR RADE & EXCHANGE DEPARTMENT