CBN Says Authorised Dealers to Process Form NXP in 48 Hours

April 20, 2017/CBN

The Federal Government of Nigeria in its effort to create an enabling environment for doing business in Nigeria has approved the reduction of documentation requirement and timeline for Import and Export trade transactions in the country.

Consequently, the revised documentation requirement for Import and Export and timeline for processing Form “NXP“ are as follows:

1.    Revised Documentation

  1. Bill of lading
  2. Certificate of Origin (Formerly Combined Certificate of Value and Origin (CCvo)
  3. Commercial invoice
  4. Exit Note (Formerly Exit Gate)
  5. Form “M“
  6. Packing list
  7. Single Goods Declaration (SGD)
  8. Product Cenificate
  1. Revised Exoort Documentation
    1. Bill of lading
    2. Certificate of Origin
    3. Commercial Invoice
    4. Single Goods Declaration (SGD)
    5. Nigerian Export Proceeds(NXP) Form
    6. Clean Certificate of Inspection (CCI)
    7. Packing

3]  Timeline for Processino Form NXP

  1. The timeline for processing Form “NXP” by the Authorised Dealers shall be a maximum of 48 hours Fom the receipt of the application subject to appropriate
  2. 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 Gotring

Director

Trade & Exchange Department

 

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