The Central Bank of Nigeria (CBN) has tasked airlines and shipping companies on the need to adhere to export regulation, warning that erring parties will faced severe sanctions.
The apex bank’s warning was contained in a circular by the Director, Trade and Exchange Department, CBN, Dr Ozoemena Nnaji, and made available to News Agency of Nigeria (NAN) on Wednesday.
Strict compliance with those regulations had become mandatory to improve the Nigerian export sector, Nnaji advised.
He stated:
The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: TED/FEM/FPC/GEN/01/009 dated June 6, 2017.
It requires that Bills of Lading or Airway Bills in respect of exports from Nigeria carry the form NXP number in respect of underlying cargoes.
Furthermore, the circular referenced: TED/FEM/FPC/GEN/O1/003 dated Oct. 28, 2019, which mandated electronic processing of NXP on the Trade Monitoring System (TRMS) has not been complied with.
Shipping and airline companies are required to access the TRMS platform, www.tradesystem.gov.ng to generate form NXP numbers for capture on the Bill of Lading for export cargoes.
Furthermore, Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.
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Nnaji added:
Consequently, all shipments of export cargoes from Nigeria shall be in accordance with the aforementioned procedures.
Failure to comply will attract severe sanctions, which shall include a refund of the Foreign Exchange (Forex) value of goods illegally exported, as well as Post-No-Debits on all bank accounts nationwide.
