Nigeria: Cross-border e-Invoicing via the Central Bank of Nigeria
The Central Bank of Nigeria published 2022 the guidelines for the introduction of e-invoicing for cross-border operations in the country (Circular TED/FEM/FPC/PUB/01/0010, January 21, 2022). This regulation entered into force on February 01, 2022, and is aimed at achieving accurate value from import and export items in and out of Nigeria.
How to send e-Invoices to the CBN?
To submit invoices electronically, the CBN has made available the CBN Enrolment Portal developed by SGS, which works as follows:
- Suppliers of goods and services must register to this portal to request authentication.
- After this process, a digital certificate will be delivered by SGS enabling access to the platform.
- Any supplier can then log into the e-invoicing platform and start issuing e-invoices.
- The CBN must validate and clear all invoices that are sent to the portal, ensuring the completeness and integrity of the data.
- Once the e-invoice is cleared, it applies a unique identification number, a timestamp, and a QR code. Then, the supplier can send it to all the trading partners involved in the import or export operation.
- The CBN also allows for the cancellation of issued e-invoices. This option is only available for 24 hours.
EDICOM helps you comply with the CBN and send invoices to all your trading partners
If you manage cross-border operations in Nigeria, your company must send electronic invoices to the CBN. At EDICOM, we can help you automate these operations from and back to your management system in an integrated way.
Via API integration, the data can be extracted from your ERP, transformed into the required file, and sent to the CBN Portal in an automated way, reducing errors and enhancing process efficiency.
EDICOM also applies the necessary validations to the structured file, to ensure that the correct information gets to the CBN.
Who and when should issue electronic invoices?
In the document, the CBN explains that the use of e-invoices shall be subject to the following guidelines.
- Products that are more than 2.5 percent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.
- An importer/exporter of goods into Nigeria shall ensure that the purchase/sale contract with a foreign Supplier/buyer stipulates compliance with the obligations set out in this Regulation and that the Supplier's/seller's invoice must be submitted in electronic format and authenticated by Authorized Dealer Bank (ADB) as part of the documentation for payment.
- No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by Authorized Dealer Banks and presented together with the relevant documents for payment.
- The content of the electronic invoice authenticated by Authorized Dealer Banks is only advisory for the Nigeria Customs Service (NCS).
- A Supplier/buyer of goods or services for import/export operations into or out of Nigeria is required to register on a dedicated electronic portal provided by CBN and operated by CBN's agent service providers as in the operational manual for Form M and Form NXP e-lnvoicing.
- Following satisfactory registration and authentication, CBN appointed Service Provider shall deliver a verification report and digital certificate to the Supplier/buyer, which is valid for one year from the date of issuance. Supplier shall use the digital certificate for signing any e-invoice to be submitted.
It also describes those import and export operations that are exempted from the submission of e-invoices. Access the document here.