Friday, April 21, 2017/ 11:08 AM /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 requirements and timeline for Import and Export trade transaction in the country.
Consequently, the revised documentation requirements for Import and Export and timeline for processing Form "NXP" are as follows:
1. Revised Import Documentation
i. Bill of lading
ii Certificate of Origin ( Formerly Combined Certificate of Value and origin (CCVO)
iii Commercial Invoice
iv Exit Note (Formerly Exit Gate)
v. Form "M"
vi. Packing List
vii. Single Goods Declaration (SGD)
viii Product Certificate
2. Revised Export Documentation
i Bill of lading
ii Certificate of origin
iii. Commercial Invoice
iv. Single Goods Declaration (SGD)
v. Nigerian Export Proceeds ( NXP) Form
vi. Clean certificate of Inspection (CCI)
vii Packing List
3. Timeline for Processing Form NXP
i. 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 documentations.
ii. Authorised Dealers shall submit returns to CBN on compliance with the 48 hour timeline.
All Authorised Dealers are therefore advised to note and bring the provisions of this circular to the attention of their customers.