Fed Govt Approves 48hr for Import, Export Trade Deals Timeline

NEPC
  • Fed Govt Approves 48hr for Import, Export Trade Deals Timeline

The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours.

A circular to authorised dealers, signed by the Central Bank of Nigeria (CBN) Director, Trade and Exchange Department, W.D. Gotring explained that the revised documentation requirements and timeline for processing Form ‘NXP’ include the Revised Import Documentation: Bill of lading, Certificate of Origin (formerly Combined Certificate of Value of Origin), Commercial Invoice and Exit Note (formerly Exit Gate).

Other documentations are Form ‘M’, Packing List, Single Goods Declaration and Product Certificate. Other revised export documentation include Bill of Lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration, Nigerian Export Proceeds (NXP) Form, Clean Certificate of Inspection (CCI).

The CBN said 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 documentation.

“Authorised dealers shall submit returns to the CBN on compliance with the 48 hours timeline. All authorised dealers are therefore advised to note and bring the provisions of the circular to the attention of their customers,” the circular explained.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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