From February 1, 2022, all import and export transactions in the Nigerian market will have to declare an electronic Invoice (e-Invoice) that has been authenticated by licensed commercial banks to replace Paper Invoices.
 

The Central Bank of Nigeria on January 21, 2022 has issued guidance on the declaration and submission of an Electronic Invoice (e-Invoice) on the Nigeria Single Window Portal (trade.gov.ng) – or System trade monitoring system, for import and export activities. This move is aimed at monitoring the prices of export/import goods in the Nigerian market. Accordingly, the Nigeria Single Window will operate under the Global Price Verification Mechanism based on the reference price. The reference price is the actual market price at the time of invoice completion, in the market where the goods are traded.

Import and export goods with unit prices higher than 2.5% of the reference price, the export/import activities will be suspended and Form M and Form NXP- two (02) will not be completed. These are required documents to make payment transactions for import (Form M) and export (Form NXP) in Nigeria.