CBN’s E-invoicing Directive will Facilitate Trade — LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has praised the Central Bank of Nigeria (CBN) for introducing the e-Evaluator and e-Invoicing for import and export, saying it will improve trade transactions and increase income.

In a statement made available to Vanguard yesterday the Director General, LCCI, Dr Chinyere Almona, stated: “The objectives for the introduction of e-Evaluator and e-Invoicing for import and export by CBN are quite commendable as it is expected to facilitate trade transactions, boost revenue through more accurate invoicing, and reduce processing time for import and export forms. The application of a Global Price Verification Mechanism guided by a benchmark price is also commendable.

“As we transit to a more automated system, there is a need to increase our investment in digital infrastructure to support the innovative digital products that are emerging in the country. We also encourage the Federal Government to automate more processes to reduce human interface as a way of curtailing corruptive tendencies in our trade chain.”

Almona, however, said there should be a pilot phase to help identify potential challenges and deal with them before the commencement date of 1st of February, which is only 10 days from the issuance of the guideline, noting that it does not give sufficient time for proper transition.
She also noted that issues of legal liability are not clear, and dispute resolution mechanisms need to be articulated.

“The CBN needs to establish an interactive and live customer complaints resolution section within the Trade Monitoring System to address any bottlenecks that may occur during transactions.
“There is a need to clarify if the subscription fee of $350 is to be paid in Naira equivalence or foreign currency and if in US Dollars, whether affected users will be allowed to source the Dollars through the CBN.

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