Central Bank of Nigeria Bans Over-invoicing By Importers

Africa Podcast Network

The Central Bank of Nigeria says that effective February 1, 2022, all import and export operations would require the submission of an electronic invoice authenticated by Authorised Dealer Banks on the Nigeria Single Window Price Portal – Trade Monitoring System.
The apex bank explained that the introduction of the e-valuator and e-Invoice would replace hard copy final invoice as part of the documentation required for all import and export transactions going forward.
The CBN Director, Trade and Exchange Department, Dr Ozoemena Nnaji pointed out that the new regulation aims to achieve accurate value from import and export items in and out of the country.