CBN targets foreign exchange from exports, directs exporters to register Form NXP

In a move to shore up foreign exchange earnings for the government, the Central Bank of Nigeria (CBN) has set its targets on exports as it has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP.

The directive was contained in a circular, “Exports from Nigeria- Compliance with Memorandum 11 of the Foreign Exchange Manual,” issued and signed by W.D. Dotring, its director of Trade and Exchange Department.

Dated June 6, 2017 and addressed to all authorised dealers, exporters and the general public, the circular directed all exporters and shipping lines to ensure that Bills of Lading, henceforth carry the Form NXP number of the underlying cargo.

The circular reads: “In the continued effort to ensure that export transactions are carried out through the formal channels, bills of lading in respect of exports from Nigeria shall henceforth carry the Form NXP number of the underlying cargo.

“Consequently, all exporters are required to register Form NXP with an Authorised Dealer of their choice prior to shipment in line with memorandum 11 section 1 (a) (i). “For the avoidance of doubt, it shall be a breach of extant regulation for any shipper to take on-board any cargo for which a Form NXP is not duly completed by the exporter. “The circular takes immediate effect.”