CBN To Sanction Shipping Companies Over Non-compliance With Export Procedures


The Central Bank of Nigeria (CBN) has threatened to sanction shipping and airline companies that continue to flout its stipulated guidelines on exports.

It warned that going forward, severe sanctions shall be meted for such breach, listing such sanctions to include the refund of the forex for the value of goods illegally exported as well as post-no-debit on all bank accounts nationwide of any company caught in the act.

The central bank stated this in a circular titled: “Compliance with Export Procedures in Nigeria,” signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, a copy of which was posted on its website.

It stated: “The CBN has observed with dismay the non-compliance by Shipping and Airline companies to the provisions of the Circular referenced TED/FEM/FPC/GEN/01/009 dated June 06, 2017, requiring that Bills of Lading/Airway Bill in respect of exports from Nigeria carry the Form NXP number in respect of the underlying cargos.

“Furthermore, the Circular referenced TED/FEM/FPC/GEN/01/003 dated October 28, 2019, which mandated electronic processing of Form NXP on the Trade Monitoring System (TRMS) and accessible at has not been complied with.”

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