CBN moves to shore up forex earnings

…Directs exporters to register Form NXP with Authorised Dealers
By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP with a view to taking advantage of all exports in the push for increased foreign exchange earnings into the nation’s economy.

This was contained in a circular, “Exports from Nigeria- Compliance with Memorandum 11 of the Foreign Exchange Manual,” issued by the Director of Trade and Exchange Department, Mr. W.D. Dotring.

Dated June 6, 2017, the circular directed all exporters and shipping lines to ensure that Bills of Lading, henceforth carry the Form NXP number of the underlying cargo.
Addressed to all Authorised Dealers, exporters and the general public, the circular reads in full:

“In the continued effort to ensure that 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 Form NXP with an Authorised Dealer of their choice prior to shipment in line with memorandum 11 section 1 (a) (i).

“For the avoidance of doubt, it shall be a breach of extant regulation for any shipper to take on-board any cargo for which a Form NXP is not duly completed by the exporter.

“The circular takes immediate effect.”

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