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.
ENTRAL BANK OF NIGERIA ntral Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 462 37804 09 462 37800 e-mail: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/004 April 19, 2017 TO: ALL AUTHORISED DEALERS AND GENERAL PUBLIC REVISED IMPORT AND EXPORT DOCUMENTATION AND TIMELINE FOR PROCESSING FORM "NXP" The Federal Government of Nigeria in its effort to create an enabling environment for doing business in Nigeria has approved the reduction of documentation requirements and timeline for Import and Export trade transactions in the country.
Consequently, the revised documentation requirements for Import and Export and timeline for processing Form "NXP" are as follows:
1. Revised Import Documentation
i.
Bill of lading ii.
Certificate of Origin (Formerly Combined Certificate of Value and Origin (CCVO) iii.
Commercial invoice iv.
Exit Note (Formerly Exit Gate) V.
Form "M" vi.
Packing list vii.
Single Goods Declaration (SGD) viii.
Product Certificate
2. Revised Export Documentation
i.
Bill of lading ii.
Certificate of Origin iii.
Commercial Invoice iv.
Single Goods Declaration (SGD) V.
Nigerian Export Proceeds(NXP) Form vi.
Clean Certificate of Inspection (CCI) vii.
Packing list.
3) Timeline For Processing Form Nxp
i.
The timeline for processing Form "NXP" by the Authorised Dealers shall be a maximum of 48 hours from the receipt of the application subject to appropriate documentations.
ii.
Authorised Dealers shall submit returns to CBN on compliance with the 48 hours timeline.
All Authorised Dealers are therefore advised to note and bring the provisions of this circular to the attention of their customers.
W.D. GOTR DIRECTOR TRADE & EXCHANGE DEPARTMENT