Economy

CBN Bemoans Disregard For Export Procedures By Airlines, Shipping Firms

The Central Bank of Nigeria (CBN), on Tuesday, expressed dismay over the non-compliance with the provisions of its circular on compliance with export procedures by shipping and airline companies, especially regarding processing Bills of Lading and Airway Bill in respect of exports from the country.

The circular referenced TED/FEM/FPC/GEN/001/008, drew attention to provisions of an earlier circular: TED/FEM/FPC/GEN/01/009, dated June 6, 2017 requiring that such bills should carry the Form NXP number in respect of the underlying cargos.

The circular addressed to all banks the Nigerian Customers Service, Nigerian Shippers’ Council, Nigerian Civil Aviation Authority (NCAA, Federal Aviation Authority of Nigeria (FAAN, shipping and airline companies, also drew attention to another circular dated October 28, 2019, referenced TED/FEM/FPC/GEN/01/003, mandating the electronic processing of Form NXP on the Trade Monitoring System (TRMS), which it said is not being complied with.

It therefore directed all shipping and airline companies to access the TRMS platform and generate Form NXP numbers for capture on the Bill of Lading for export cargoes, in line with the provisions of the various circulars.

Tuesday’s circular by Dr. O.S. Nnaji, Director of Trade & Exchange Department at the CBN, directed that “all shipment of export cargoes from Nigeria shall with effect from (October 6, 2020), be in accordance with the aforementioned procedures.”

It shall be a breach of extant regulations, the apex bank warned, “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.”

Any further breach, it added, shall attract severe sanctions, including refund of the forex value of goods illegally exported as well as Post-No-Debit on all bank accounts nationwide.

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