The Federal Government has reduced the documentation requirements for import and export trade transactions.
The Central Bank of Nigeria, CBN, disclosed this, yesterday, in a circular to all authorised dealers entitled "Revised import and export documentation and timeline for processing form 'NXP'."
Signed by the Director, Trade and Exchange Department, CBN, Mr. Wuritka Gotring, the circular stated: "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.
"Consequently, the revised documentation requirements for import and export and timeline for processing Form 'NXP' are as follows: Revised Import Documentation: Bill of lading; Certificate of Origin (formerly Combined Certificate of Value and Origin, CCVO; Commercial invoice Exit Note (formerly Exit Gate); Form 'M'; Packing list; Single Goods Declaration (SGO); Product Certificate.
"Revised Export Documentation: Bill of Lading; Certificate of Origin; Commercial Invoice; Single Goods Declaration; Nigerian Export Proceeds, NXP; Clean Certificate of Inspection; Packing list.
"Timeline for Processing Form NXP: The timeline for processing Form 'NXP' by the authorised dealers shall be a maximum of 48 hours from the receipt of the application."