CBN tasks airlines, shipping companies over adherence to export regulation

“The CBN has observed with dismay, the noncompliance by shipping and airline companies to the provisions of the circular referenced: TED/FEM/FPC/GEN/01/009 dated June 6, 2017.

“It requires that Bills of Lading or Airway Bills in respect of exports from Nigeria carry the form NXP number in respect of underlying cargoes. “Furthermore, the circular referenced: TED/FEM/FPC/GEN/O1/003 dated Oct. 28, 2019 which mandated electronic processing of NXP on the Trade Monitoring System has not been complied with.to generate form NXP numbers for capture on the Bill of Lading for export cargoes,’’ he said.

Mr Nnaji warned that any airline or shipping company that failed to adhere to the regulations would face severe sanctions.“Consequently, all shipments of export cargoes from Nigeria shall be in accordance with aforementioned procedures.

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CBN Warns Shipping Companies over Non-compliance with Export Procedures - THISDAYLIVEBy Obinna Chima The Central Bank of Nigeria (CBN) yesterday 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 …
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