Templars Legislative Watch Third Edition – CBN – Circular on e-form NXP and Guidelines for Registration of CIT and CP Companies

On 28 October 2019, the Trade and Exchange Department of the Central Bank of Nigeria (‘CBN’) issued a circular (“the Circular”) to the effect that all hard copies of Form ‘NXP’ for commercial exports (Oil & Gas and Non-Oil) shall henceforth become automated and replaced with a new e-Form ‘NXP’, effective from 31

October 2019. The online form is meant to ease the application process by enabling applicants to complete the form NXP in the comfort of their homes and offices and subsequently submit the document to the authorised dealer bank.

The processing of the e-Form ‘NXP’ shall be done electronically and initiated by exporters via the Trade Monitoring System at www.tradesystem.gov.ng, subject to the payment of the prescribed fee and submission of a valid Tax Identification Number (‘TIN’). The possession of a TIN is a prerequisite for the completion of the online e-Form NXP. Templars Legislative Watch NEWSLETTER – CBN – Circular on e-form NXP and Guidelines for Registration of CIT and CP Companies.