News

CBN tasks airlines, shipping companies over adherence to export regulations

This is contained in a warning circular by Dr Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department made available to News Agency of Nigeria (NAN) on Wednesday.

SurestFX

Nnaji advised that strict compliance with those regulations had become mandatory to improve the Nigerian export sector.

Before you proceed, please 'like' our facebook page to get more informed and entertained

“The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: TED/FEM/FPC/GEN/01/009 dated June 6, 2017.

nigerialove

“It requires that Bills of Lading or Airway Bills in respect of exports from Nigeria carry the form NXP number in respect of underlying cargoes.

NgPolls.com

“Furthermore, the circular referenced: TED/FEM/FPC/GEN/O1/003 dated Oct. 28, 2019, which mandated electronic processing of NXP on the Trade Monitoring System (TRMS) has not been complied with.
Shipping and airline companies are required to access the TRMS platform, www.tradesystem.gov.ng to generate form NXP numbers for capture on the Bill of Lading for export cargoes,’’ he said.

SurestFX

Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.

Before you proceed, please 'like' our facebook page to get more informed and entertained

“Consequently, all shipments of export cargoes from Nigeria shall be in accordance with the aforementioned procedures.
“Failure to comply will attract severe sanctions, which shall include a refund of the Foreign Exchange (Forex) value of goods illegally exported, as well as Post-No-Debits on all bank accounts nationwide,’’ he said.

nigerialove

 

NgPolls.com

CBN central bank of nigeria

SurestFX

Related Articles

25 Comments

Leave a Reply

Back to top button
Need Code to register? Chat with us