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FX MANUAL

MEMO 11



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COMMERCIAL EXPORT- ALL EXPORT MUST BE FOB OR COST AND FREIGHT (CFR )

• REGISTRATION OF NXP

- A DULY COMPLETED FORM NXP.

- A PRO-FORMA INVOICE

- A SALES CONTRACT (AGREEMENT) WHERE APPLICABLE

- NEPC REGISTRATION CERTIFICATE



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AFTER SHIPMENT- CLEAN REPORT OF INSPECTION (CCI) WHERE APPLICABLE.

- SHIPPING DOCUMENTS e.g, BILL OF EXIT, BILL OF LADING etc.

- Other certificates. E.g. FORM EUR 1

• VALIDITY OF FORM NXP - The validity of NXP is 6 month from

date of registration subject to renewal for 3 months by dealing bank.Subsequent request for renewal to be approved by Director, TED, CBN.

• REPATRIATION OF PROCEEDS – All export proceeds shall be

repatriated and paid into Domiciliary Account (export Proceeds) within90days from date of shipment



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NIGERIAN EXPORT SUPERVISION SCHEME (NESS)- all oil

and non-oil exports from Nigeria shall be subject to inspection by Inspection Agent(s)appointed for that purpose by Federal Government of Nigeria

PAYMENTS- payment for exports shall be by :

- Letters of credit

- Bills for collection

- Advance payment

- Or any other approved mode of payment.



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INSPECTION – shall take place at the points of production and/or

storage, farm gates, seaports, airports, terminals or other points of exit.

• Relevant Agencies for Export- Nigeria Customs.

- NAFDAC

- SON

- NDLEANNPC/DPR etc.



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RESPONSIBILITIES OF THE EXPORTER - Obtain NXP and information form from their banker

- Complete and submit all six copies with NEPC Certificate, purchase order, contract of sale and proforma invoice to the bank

- Complete request for information and submit to IA

- Pays 0.5% FOB value (non oil)- Submit final invoice to IA

- Provide necessary for IA to perform their duty well

- Submit to carrier a copy of CCI

- Submit an endorsed copy of NXP to the processing bank within one week of endorsement

- Submit to IA a copy of shipped or clean on board bill of lading/airway bill/roadbearing CCi number.

- Open an export proceeds domiciliary account and ensure proceed are credited within90days.

- Deliver all original document to processing / collecting bank named on NXP form



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RESPONSIBILITIES OF BANKS

PROCESSING BANKS- ISSUES NXP forms and RFI form

- Received NXP with other relevant documents

- The bank shall number the NXP with the appropriate format- Bank shall endorse and stamp section 6 of NXP form and give copy to exporter, retain Original

and send the remaining copies to IA

- bank must ensure the repatriation of proceeds within 90days of shipment of goods

- The processing/collecting bank through which payment is received will certify the original NXP,confirming that proceeds had been duly received and credited to exporter’s Dom account

- The certified NXP Form, with the Swift message will be forwarded to Director, TED, CBN, Abuja

- The swift message must bear the name of exporter (ben) and relevant NXP number

- Where proceeds fall short of declared value by more than 5%, the exporter must explain withdocumentary evidence through the collecting bank

- Banks shall make copy of the duly certified NXP for its records



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DESIGNATED BANKS- DS bank shall collect from exporter, the self assessed NESS admin fees and

pay same into NESS account with the nearest CBN branch on Mondayfollowing the week of collection.

- DS bank will ensure that appropriate receipt is issued upon payment of NESS admin fees.

- DS bank shall forward to IA the original receipt, give duplicate to exporterand retain triplicate for its records.

- DS bank shall render monthly returns on all NESS fees collected, includingnil returns, using appropriate format, on the 10th day of a new month.

Documents

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