The Government of Nigeria has introduced the digitalized e-Evaluator and e-Invoicing system for taxpayers to use in the import and export sectors. Effective 1 February 2022, all import and export operations in Nigeria will require the submission of an electronic invoice authenticated by authorized dealer banks on the Nigeria single window portal – Trading Monitoring System (TRM).
The new e-invoicing system will query and stop all imported and exported goods with unit prices that are greater than 2.5% of the verified global checkmate prices from completing Form M or Form NXP.
The supplier/buyer is required to register for authentication and submit an e-invoice in a dedicated portal as specified by the Central Bank of Nigeria (CBN) by paying an annual subscription fee of USD 350.00
All individual invoices with a value of less than USD 10,000 (or its equivalent in another currency) except where suppliers have an annual cumulative invoicing value equal to or above USD 500,000 (or its equivalent in another currency) are exempted from the submission of e-invoices. All import and export transactions made for supplies to security agencies, diplomatic and consular missions, and international agencies dependent on the United Nations are exempt from submitting e-invoices. Donations made by foreign governments or international organizations to foundations, charities and recognized humanitarian organizations, and goods directly supplied by a foreign government are equally exempted.
The announcement to introduce the e-Evaluator and e-Invoicing system was made by the Trade and Exchange Department of the CBN on 21 January 2022 through Circular TED/FEM/ FPC/PUB/01/001.