Manufacturers warn of danger of CBN’s e-invoicing policy on Nigeria’s foreign trade
The Centre for the Promotion of Private Enterprise has warned that the implementation of the Central Bank’s electronic invoicing(e-invoicing)and evaluator for exporters and importers policy is likely to worsen the sorry state of Nigeria’s foreign trade.
The centre however advised that the policy, which was supposed to have taken effect on February 1st, 2022, should be revoked forthwith.
The CBN had introduced the evaluator to cut foreign exchange spendings for fraudulent or inflated transactions.
The new policy ensures that imports and exports activities with unit prices that are more than 2.5 percent of the verified global checkmate prices would be queried and will not be denied successful completion of either Form M or Form NXP, according to a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji.
But the CPPE in a statement signed by the Director-General, Muda Yusuf, argued that the new e-invoicing policy will frustrate foreign trade as well as worsen the plights of business.
The CPPE accused the CBN of overstretching its function by the introduction of the e-invoicing policy which it claimed was the responsibility of the Nigeria Customs Service and the Finance Ministry.
In recent times, the CBN has been seen to overstretch its function due to the failures of the fiscal authorities, analysts have said.
Court reverses self over contempt charge against Fidelity Bank chief
A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe and Company Secretary of Fidelity Bank, Mrs. Unuigboje Ezinwa to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.
Supreme court restrains FG from enforcing naira swap deadline
CBN succumbs to pressure, extends use of old naira notes to February 10
Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.
Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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