The Central Bank of Nigeria (CBN) on January 21, 2022 released guidelines to govern e-invoicing for import and export in Nigeria. The purpose of these Guidelines is to ascertain the accurate value of imports and exports in Nigeria.

As part of the aim of to achieve value accuracy, a Global Price Verification Mechanism guided by a benchmark price will be used. This benchmark price reflects the spot market price at the time of consummation of invoicing in the market where the goods are traded.

From February 1, 2022, all import and export operations will require the submission of an e-invoice that is authenticated by the Authorised Dealer Banks (ADBs) on the Nigeria Single Window Portal’s Trade Monitoring System (TRMS).

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