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  • CBN to sanction exporters who default on export proceed number 11/15/2020

    Nov 15th, 2020

    The Central Bank of Nigeria (CBN), has moved to sanction exporters who ship out goods without Nigerian Export Proceed (NXP) numbers. While making the disclosure during a virtual meeting with representatives of some shipping lines, the CBN Governor, Godwin Emefiele, noted that it has been discovered that many shipping companies do not comply with the Federal Government’s directives that such shipments carry NXP number. The Form NXP is a mandatory document to be completed by all exporters through authorized dealer bank for shipment of goods outside Nigeria irrespective of the value and whether or not payment is involved. Any customer willing to engage in export business is required to register with the Nigeria Export Promotion Council. The Executive Secretary of Nigerian Shippers’ Council (NSC), Hassan Bello, on his part, said the Shipper’s Council in partnership with the CBN has carried out 3 sensitization meetings in Lagos and Port Harcourt to educate shipping companies and exporters on the need to implement the directive on the NXP. In a statement by the Head, Public Relations of Nigeria Shippers Council, Rakiya Zubairu, Bello pointed out that the NSC would work with other agencies of government to ensure full compliance so that exports without the NXP are discontinued. The CBN governor said that cargoes will be turned back if exporters do not comply with the auto system that has been put in place. Emefiele stated, “We are going to set up an auto system, where if someone wants to send cargo, copies of the NXP form will be sent directly to you. So, that if you don’t have it online on your system where the NXP has been registered, you turn back that cargo. He further said; “You cannot accept any number and use it as a basis for shipping. We are not going to allow that. That is not acceptable. If you don’t see NXP Forms, that cargo should be turned back.” This is seen as part of the measure being put in place by the apex bank to ensure that exporters fully declare and remit their export proceeds to the banks. Nairametrics had reported in August, the CBN’s directive to all banks in the country to submit the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds for further action. This will help government better manage its foreign exchange resources in the face of dollar scarcity.