The Central Bank of Nigeria (CBN) has with immediate effect directed all exporters to register Forms NXP with an authorised dealer of their choice prior to shipment.
In the continued effort to ensure that all export transactions are carried out through the formal channels, the CBN said bills of laden in respect of exports from Nigeria shall henceforth carry the Forms NXP number of the underlying cargo.
The CBN said this in a circular signed by Gotring W. D, director, trade and exchange department, to all authorised dealers, exporters and the general public.
The development is in compliance with the memorandum 11 of the foreign exchange manual. “For the avoidance of doubt, it shall be a breach of extant regulations for any shipper to take on-board any cargo for which a Form NXP is not duly completed by exporter”, the circular reads.