The Central Bank of Nigeria (CBN) has said that it will be a breach of extant regulations for any shipping company or airline to take on-board any cargo for which Form NXP is not duly completed and approved on the Trade Monitory System platform.

It said that a breach would attract severe sanctions that include refund of the forex value of goods illegally exported as well as post-no-debit on all bank accounts nationwide.

It stated this in a circular released on Tuesday which was addressed to all authorised dealers, Nigeria Customs Service, Nigerian Shippers’ Council, Nigerian Civil Aviation Authority, Federal Airport Authority of Nigeria, shipping companies, airline companies and the general public.

The circular which was signed by the Director, Trade and Exchange Department, Dr O. S. Nnaji, was titled ‘Compliance with export procedures in Nigeria’.

It read, “The Central Bank of Nigeria has observed with dismay the non-compliance by shipping and airline companies to the provisions of the curricular referenced TED/FEM/FPC/GEN/01/009 dated June 06, 2017, requiring that bills of laden/airway bill in respect of exports from Nigeria carry the Form NXP number in respect of the underlying cargos.” Consequently, it added, all shipment of export cargoes from Nigeria must with effect from the date of the circular be in accordance with the aforementioned procedures.

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