CBN Says Exports from Nigeria – Compliance with Memorandum 11 of the Foreign Exchange Manual

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InCentral-Bank-of-Nigeria the continued effort to ensure that all 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 Forms NXP with an Authorized Dealer of their choice prior to shipment in line with Memorandum 11 Section 1 (a)(i).

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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 the exporter.

 

This Circular takes immediate effect.

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