Airlines, Shipping Companies To Refund Forex Value Of Goods Illegally Exported – CBN

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The Central Bank of Nigeria (CBN) said it has observed the non-compliance by Shipping and Airline companies to the provisions of its circular referenced TED/FEWFPC/GEN/01/009 dated June 06, 2017, requiring that Bills of Lading/Airway Bill in respect of exports from Nigeria should carry the Form NXP number in respect of the underlying cargos.

And the noncompliance with the Circular referenced TED/FEWFPC/GEN/01/003 dated October 28, 2019, which mandated electronic processing of Form NXP on the Trade Monitoring System (TRMS) which is accessible at www.tradesystem.qov.ng.

According to the CBN, Shipping and Airline companies are required to access the TRMS platform to generate Form NXP numbers for capture on the Bill of Lading for export cargoes. In line with the provisions of these circulars,

The Apex bank however advised that consequently, all shipment of export cargoes from Nigeria shall with effect from the date of this circular be in accordance with the aforementioned procedures.

It shall be a breach of extant regulations for any Shipping Company or Airline Company to take on-board any cargo for which Form NXP is not duly completed and approved on the RMS platform, failing which severe sanctions shall be meted for such breach, such sanctions shall include a refund of the forex value of goods illegally exported as well as Post-No-Debit on all bank accounts Nationwide”


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