The Manufacturers Association of Nigeria (MAN) has expressed concerns over the new e-invoicing guidelines introduced by the Central Bank of Nigeria which it said may prevent manufacturers from getting the most out of their exports.
The CBN announced the introduction of e-evaluator and e-Invoice to replace hard copy final invoices as part of the documentation required for all import and export transactions.
The House of Representatives had asked the Central Bank of Nigeria (CBN) to halt the implementation of e-evaluator and e-invoicing for imports and exports businesses.
This was prompted following the adoption of a motion moved by Leke Abejide (APC, Kogi) on Tuesday.
The new legislation, according to MAN, is targeted at obtaining the near-accurate value of imports and exports in Nigeria.
The group claims that the central bank’s new order on the sending of validated invoices will be riddled with red tape and various fees.
Reacting to the CBN’s policy, MAN said, “It says any Form M or NXP that bears a unit price in excess of 2.5 per cent of the verified global checkmate price will not be approved. This is concerning as it will checkmate the opportunity of our exporters to derive higher value for their exports. Besides, we are worried about the determination of the global price verification mechanism and benchmark prices.”
MAN also has questions concerning the implementation of the CBN new policy.