The Central Bank of Nigeria is moving on Shipping and Airline Companies for non-compliance to the bank’s guidelines on the processing of Form NXP – which requires that Bills of lading/Airway Bill of exports from Nigeria carry Form NXP number, generated from the Trade Monitoring System (TRMS) according to two separate circulars from CBN dated 6 June 2017 and 28 October 2019.
The Apex bank in a circular TED/FEM/FPC/GEN/001/008 titled “Compliance with exports procedure in Nigeria” dated 6 October 2020 and signed by Dr. O.S Nnaji, Director of Trade and Exchange Department, said that all shipment of export cargoes from Nigeria shall adhere to the setout procedures on Form NXP.
The regulator warned that it is a breach of extant regulations for any Shipping Company or Airline Company to take on-board any cargo, whose Form NXP is not duly completed and approved on the TRMS platform. CBN said that such action will attract sanctions which “shall include the refund of the forex value of goods illegally exported as well as Post-no-Debit on all bank accounts Nationwide.”
The Circular was sent to All authorized dealers, Nigeria Customs Service (NCS), Nigeria Shippers’ Council, Nigeria Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN), Shipping Companies, and Airlines Companies.
By; Ifunanya Ikueze