Customs, CBN Disagree On e-Invoice Policy
Written by on March 4, 2022
The Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) on Thursday disagreed over the e-valuation, e-invoice policy for import and export introduced by the apex bank.
This was as both agencies and other stakeholders appeared before the House of Representatives Committees on Customs and Excise as well as Banking and Currency to address issues arising from the introduction of the new system by the CBN.
While the CBN said the new system would plug leakages and enable the government to recover more funds, the Customs said it was in violation of the law, did not follow due process and would encumber trade.
Also the Manufacturers Association of Nigeria (MAN) said the policy was too hasty and was done without inputs from relevant stakeholders.
The CBN had issued a circular that the new system would kick off on February 1, 2022, but the House had on January 27, 2022 suspended it and directed the apex bank to adopt a 90-day timeline for the implementation of fiscal measures to avoid destabilising effects on the economy.
The resolutions followed a motion moved by Chairman of the Committee on Customs and Excise, Leke Abejide.
During the Thursday meeting, Director, Trade and Exchange of the CBN, Dr Ozoemena Nnaji, said the new system was seamless and integrated with the import and export process in a manner that does not hamper any of the stakeholders.
She said the price of goods involved in a trade transaction is sometimes manipulated by those wishing to launder the proceeds through the financial system and some regulators suggested that a simple way to identify such activities is by banks implementing a price check on all trade transactions.