Regulatory Alerts2017-04-20 | TED/FEM/FPC/GEN/01/004Revised Import and Export Documentation and Timeline for Processing Form "NXP"
The Central Bank of Nigeria has announced reduced documentation requirements and shorter processing times for import and export trade transactions in the country. The new import documentation now only requires a bill of lading, certificate of origin, commercial invoice, exit note (formerly known as exit gate), form "M," packing list, single goods declaration, and product certificate. Meanwhile, the export documentation includes the bill of lading, certificate of origin, commercial invoice, single goods declaration, NXP Form, clean certificate of inspection, and packing list. The timeline for processing Form "NXP" is now set at a maximum of 48 hours from receipt of application provided that appropriate documents are submitted. All Authorised Dealers must adhere to these new guidelines and inform their customers accordingly.