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CBN to sanction exports without Export Proceeds Number

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MONEY MARKET

By Godfrey Bivbere

 

The Central Bank of Nigeria, CBN, has threatened to sanction exporters who ship out goods without Nigerian Export Proceeds (NXP) numbers.

Governor of CBN, Godwin Emefiele, disclosed this during a virtual meeting, noting that it has been discovered that many shipping companies do not comply with the Federal Government directives that such shipments carry NXP number.

Meanwhile, the Executive Secretary of Nigerian Shippers’ Council, NSC, Hassan Bello, said the Shipper’s Council in partnership with the CBN   has carried out three 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 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 is discontinued.

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Emefiele had 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.

“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.”

In the virtual meeting which was attended by representatives of some shipping lines in the country, the Managing Director, MSC Nigeria Limited, Andrew Lynch, stated that his company receives NXP forms on all major agro commodities like cashew, cocoa and sesame, but not for commodities like charcoal and timber.

According to him, they have found out that these items do not have NXP forms after they have already arrived at the port and once cargo gets to the port and has gotten clearance from the Nigerian Customs Services, NCS, there is pressure due to space constraints at the port to ship immediately.

He added that one of their challenges also lies in their inability to verify the authenticity of an NXP Form. The Managing Director, Grimaldi Nigeria Ltd, Ascanio Russo, stated that in addition to not being able to verify the authenticity of the NXP Form, his company is unable to access CBN’s online portal.

Emefiele said that a circular outlining the procedure would be sent out to shipping lines and relevant agencies like the Nigerian Shippers’ Council, Ministry of Finance, Nigerian Customs Services, and security agencies among others.

 

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