CBN Notifies of The Automation Of Form NXP On The Trade Monitoring System

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Wednesday, October 30, 2019   /10:05AM  / By CBN / Header Image Credit: Trade.gov.ng

 

This is to inform all Authorised Dealers, Nigeria Customs Service (NCS), Pre-shipment Inspection Agents and the General Public of the deployment of e-Form 'NXP'.

 

Accordingly, the e-Form 'NXP' shall replace the hard copy Form 'NXP' for commercial exports (Oil & Gas and Non-Oil), with effect from October 31, 2019.

 

Consequently, all Authorised Dealers are required to ensure as follows:

 

1. That the processing of Form 'NXP' shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng

 

2. Banks' export customers are required to obtain a valid Tax Identification Number (TIN) from Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN is a prerequisite for customers to access the Trade System for e-Form 'NXP' application.

 

3. The e-Form 'NXP' is web based and allows the Exporters to initiatthe Form from their offices/homes and submit same to the Authorised Dealer Bank.

 

4. A charge of 5,000.00 as fee per declaration for e-Form 'NXP' is applicable with effect from October 31, 2019 and henceforth. There will be a direct debit of the processing bank's current account for

each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form 'NXP' should be separated from other bank charges.

 

5. All hard copy Forms 'NXP' established on or before October 30, 2019 (prior to the commencement of the e-Form 'NXP') shall be utilizedwithin 90 days of the establishment of the Form.

 

6. For the avoidance of doubt, all established hard copy Forms 'NXP' forwhich shipment has not taken place within the transition period of 90days shall be deemed cancelled.

 

7. All Authorised Dealer banks are enjoined to inform their customers of this development for compliance. 

 

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 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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