CBN says e-Form ‘NXP’ for commercial exports commences October 31

The Central Bank of Nigeria (CBN) on Tuesday informed all authorised dealers, Nigeria Custom Service, (NCS) Pre-shipment inspection agents and the general public on the deployment of e-Form ‘NXP’, which takes effect on Thursday October 30, 2019.

The e-Form ‘NXP’ is a web based and allows exporters to initiate the Form from their offices/homes and submit same to the authorised dealer banks.

In a circular signed by Nnaji O.S, for director, trade and exchange department, the e-Form ‘NXP’ will replace the hard copy Form ‘NXP’ for commercial exports (oil and gas and non-oil).

Consequently, all authorised dealers are required to ensure that the processing of Form ‘NXP’ can only be done electronically on the trade monitoring system at CBN.

Also, banks’ export customers are required to obtain a valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN is a pre-requisite for customers to access the trade system for e-Form ‘NXP’ application.

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The circular said a charge of N5,000 as fee per declaration for e-Form ‘NXP’ is applicable with effect from October 31, and henceforth. Consequently, there will be a direct debit of the processing bank’s current account for each declaration, which should be recovered from the customer by the bank.

However, the charge on the customer for the e-Form ‘NXP’, the circular said, should be separated from other bank charges.

According to the circular, all hard copy Form ‘NXPs’ established on or before October 30, 2019, (prio to the commencement of the e-Form ‘NXP’) shall be utilised within 90 days of the establishment of the Form.

“For the avoidance of doubt, all established hard copy Forms ‘NXP’ for which shipment has not taken place within the transition period of 90 days shall be deemed cancelled”.

The CBN enjoined all authorised dealer banks to inform their customers on the development for compliance.

HOPE MOSES-ASHIKE, Lagos

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.