This new regulation aims to attain accurate price values for the flow of imports and exports in the country.
Assuring accurate prices
A Global Price Verification Mechanism would be a part of the new system, obtaining actual spot market prices at the time e-invoice transactions begin. Imports and exports of more than 2.5% of the verified spot market price will be questioned and not allowed to complete transactions.
Registration platform
Trading partners must ensure compliance with the new regulations. Suppliers and buyers operating in imports and exports will need to register on a dedicated electronic platform provided by the Central Bank of Nigeria (CBN).
Once a supplier or buyer is successfully registered, a CBN-appointed service provider issues a verification report and digital certificate valid for one year. Suppliers must use the digital certificate for signing e-invoices to be submitted.
Dedicated e-invoice portal
Invoices must be submitted in an electronic format, and invoice amounts must be verified by an Authorized Dealer Bank within Nigeria. Furthermore, buyers cannot submit payment to suppliers unless the associated e-invoice has passed verification with an Authorized Dealer Bank. Printed versions of e-invoices will have a QR code to verify authenticity.
CBN service providers will deliver verified e-invoices to the supplier and buyer for transmission between trading partners. In addition, the CBN service provider will submit the e-invoice to the Nigeria Single Window portal – Trade Monitoring System (TMRS).
Exemptions to the new e-invoicing requirements
- Invoices with a value less than USD 10 000 (ca. EUR 8970,00). However, if a supplier’s annual cumulative invoice value is equal to or greater than USD 500 000 (ca. EUR 448 460,00), they will have to submit e-invoices;
- Transactions made by security agencies in the country;
- Supplies to specific diplomatic and consular missions, as well as supplies to international agencies dependent on the United Nations;
- Donations made by foreign governments or international organizations to foundations, charities, and other humanitarian organizations;
- Goods directly supplied by foreign governments.
Read the full announcement here.
