By Dipo Olowookere
Determined to improve the ease of doing business, the Federal Government has approved the reduction of documentation requirements and timellne for import and export trade transactions in the country.
In a circular released yesterday by the Central Bank of Nigeria (CBN) and signed by Mr Gostring, the Director in charge of Trade & Exchange Department, said the things needed for the revised import documentation are bill of lading and Certificate of Origin (formerly Combined Certificate of Value and Origin).
Others are commercial invoice, Exit Note (Formerly Exit Gate), Form M, packing list, Single Goods Declaration (SGD) and Product Certificate.
Mr Gosting also said the requirements for revised export documentation include bill of lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration (SGD), Nigerian Export Proceeds (NXP) Form, Clean Certificate of Inspection (CC1) and packing list.
“The Federal Government of Nigeria in its effort to create an enabling environment for doing business in Nigeria has approved the reduction of documentation requirements and timeline for Import and Export trade transactions in the country,” the circular said.
The circular further said “timeline for processing Form NXP by the Authorised Dealers shall be a maximum of 48 hours from the receipt of the application subject to appropriate documentations.
“Authorised Dealers shall submit returns to CBN on compliance with the 48 hours timeline.
“All Authorised Dealers are therefore advised to note and bring the provisions of this circular to the attention of their customers.”
