CBN urges airlines, shipping coys to adhere to export regulations

CBN urges airlines, shipping coys to adhere to export regulations

The Central Bank of Nigeria (CBN) has called on airlines and shipping companies, involved in the transportation of exports from Nigeria, to henceforth adhere strictly to the laid-down regulations.

 

The advice in contained in a circular issued in Abuja on Wednesday by Dr. Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department.

 

Nnaji advised the firms that strict compliance with those regulations had become mandatory so as to improve the Nigerian export sector.

 

“The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: TED/FEM/FPC/GEN/01/009 dated June 6, 2017.

 

“It requires that Bills of Lading or Airway Bills, in respect of exports from Nigeria, carry the Form NXP Number in respect of underlying cargoes.

 

“Furthermore, the circular referenced: TED/FEM/FPC/GEN/O1/003 dated Oct. 28, 2019, which mandated electronic processing of NXP on the Trade Monitoring System (TRMS), has not been complied with.

 

“Shipping and airline companies are required to access the TRMS platform, www.tradesystem.gov.ng, to generate form NXP numbers for capture on the Bill of Lading for export cargoes,’’ he said.

 

Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.

 

“Consequently, all shipments of export cargoes from Nigeria shall be in accordance with aforementioned procedures.

 

“Failure to comply will attract severe sanctions, which shall include refund of the Foreign Exchange (Forex) value of goods illegally exported, as well as Post-No-Debits on all bank accounts nationwide,’’ he said.

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