NAGAFF faults CBN over introduction of e-evaluator, e-invoice for import, export in Nigeria


… Says policy anti-people

… Calls on Emefiele to resign

The National Association of Government Approved Freight Forwarders (NAGAFF) has faulted the Central Bank of Nigeria (CBN) over the introduction of e-evaluator and e-invoice for import and export in Nigeria.

It will be recalled that the Central Bank of Nigeria (CBN) had in a notice dated January 21, 2022 and signed by Dr. O.S Nnaji, Director, Trade and Exchange Department, CBN said that “Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all Authorized Dealers and the General Public are hereby informed of the introduction of e-Valuator and e-invoice which replaces hard copy final invoice as part of the documentations required for all import and export transactions.

“Effective, February 1, 2022, all import and export operations will require the submission of an electronic invoice (e-invoice) authenticated by the Authorized Dealer Banks on the Nigeria Single Window portal – Trade Monitoring System (TRMS).

“This new regulation is primarily aimed at achieving value from import and export items in and out of Nigeria.

“The system would operate on a global price verification mechanism guided by a benchmark price. The benchmark price is the actual spot market price obtainable at the time of the consummation of invoicing in the market where that goods are traded.

“Imports and exports with unit prices that are more than 2.5 percent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.”

Reacting to the development, the NAGAFF Chairman, KLT chapter, Engr. Emmanuel Umeadi stated that the CBN through its Governor, Mr. Godwin Emefiele wanted to play the role of manufacturers abroad by dictating to them the price they were to sell goods in the Nigerian market.

Umeadi observed that by this singular policy, Emefiele wanted to unilaterally decide what happens in the global market by telling the shippers how much they were to sell goods to Nigerians.

“He (Emefiele) is trying to say that it is not possible for somebody to buy something N50 and then, myself that controls the market will buy at N5. The angle Emefiele is going, he is trying to impose more hardship on Nigerians and also technically sabotaging Buhari’s government. You know Buhari has a good heart to work for Nigerians but the way the CBN governor is going, we are telling him that he should resign.

“We the freight forwarders are calling on Emefiele to resign for bringing an anti-people policy that I can’t go to China and bring something worth of N10 and another person will go and get the same product at N100. It’s all about bargaining power.

“He called us stakeholders to come and listen to what we know that it is not obtainable in any country. I go to the market, I buy spare parts, my manufacturer manufactured for me at N2 because I move multiple containers, then customer C goes the same place to buy the same product and they sold to him at N50 because they wanted me to control the market making it look as if I am a manufacturer in Nigeria but I am importing.

“And Emefiele is now bringing a law that would peg a product at the same price meaning that he wants to play the role of a manufacturer in China in Nigeria and because of this, we are saying that Emefiele has overstayed his welcome in office. He should resign and give way for somebody who wants to work with President Buhari to move the government forward”, he submitted.

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