CBN directs shipping firms, airlines to adhere to Nigeria’s exports procedure

THE CENTRAL BANK OF NIGE RIA (CBN) has directed all shipping and airlines to access the Trade Monitoring System (TRMS) platform to generate form NXP numbers for capture on the Bill of Lading for export cargoes, stating that any breach will attract severe sanctions, including refund of the forex value of goods illegally exported, as well as Post-No-Debit on all bank accounts nationwide. The CBN in a circular it just issued and signed by O.S Nnaji, the director of trade and exchange department, said that it has observed with dismay the non-compliance by shipping firms and airlines to the provisions of the circular, with reference TED/ FEM/FPC/GEN/001/009 and dated June 6 2017, which requires shipping and aviation companies, who export from Nigeria, to carry the form in respect of the underlying cargos. According to the circular, “in line with the provisions of these circulars, shipping and airline companies are required to access the TRMS platform to generate Form NXP numbers for capture on the Bill of Lading for export cargoes. Consequently, all shipment of export cargoes from Nigeria shall, with effect from the date of this circular be in accordance with the aforementioned procedures.” The apex bank’s circular further reads: “For the avoidance of doubt, it shall be a breach of extant regulations for any shipping company or airline company to take on-board any cargo for which form NXP is not duly completed and approved on the TRMS platform, failing which severe sanctions shall be meted for such breach.” The CBN also revealed that an earlier released circular dated October 28, 2019, which mandated the electronic processing of form NXP on the TRMS platform has not been complied with by the involved parties.