CBN urged to suspend import, export e-invoice policy

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the import and export electronic invoice policy.
   
The apex bank was directed to adopt a 90-day timeline for the implementation of fiscal measures to avoid destabilising effects on the economy.
   
CBN had announced the e-invoice for imports and exports in the country to commence on February 1, 2022.
   
It stated in a circular that, all import and export operations would require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System.
  

It also requires that “Imports and exports with unit prices that are more than 2.5 percent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be”.
  
Stakeholders have moved against the policy, describing it as “anti-people”.
  
However the House of Representatives’ resolutions has resolved the controversy, following the ratification of a motion moved by Leke Abejide (ADC, Kogi).
 
Abejide, who is also the chairperson of Committee on Customs and Excise, said the e-invoice policy of the CBN needs a certain level of sensitisation before full implementation of the policy.
  
“Sudden monetary/fiscal circular hurriedly or haphazardly implemented often leads to policy summersault hence major policy change such as this,” he said.
   
Abejide said a grace period of 90 days is “usually expected for transactions to run its full course to avoid distortion in the economy and also to avoid price distortions of trade.”