Business

CBN warns airlines, shipping companies to adhere strictly to export regulations

The Central Bank of Nigeria (CBN) has urged airlines and shipping companies engaging in the transportation of exports from Nigeria, to henceforth adhere strictly to laid down regulations.

This is contained in a warning circular by Dr. Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department made available to News Agency of Nigeria on Wednesday.

Nnaji advised that strict compliance with those regulations had become mandatory to improve the Nigerian export sector.

“The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: /01/009 dated June 6, 2017.

“It requires that Bills of Lading or Airway Bills in respect of exports from Nigeria carry the form NXP number in respect of underlying cargoes.

“Furthermore, the circular referenced: 1/003 dated Oct. 28, 2019 which mandated electronic processing of NXP on the Trade Monitoring System (TRMS) has not been complied with.

Shipping and airline companies are required to access the TRMS platform, www.tradesystem.gov.ng to generate form NXP numbers for capture on the Bill of Lading for export cargoes,’’ he said.

Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.

“Consequently, all shipments of export cargoes from Nigeria shall be in accordance with aforementioned procedures.

“Failure to comply will attract severe sanctions, which shall include refund of the Foreign Exchange (Forex) value of goods illegally exported, as well as Post-No-Debits on all bank accounts nationwide,’’ he said

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