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CBN tasks airlines, shipping companies over adherence to export regulation

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Mr Nnaji advised that strict compliance with these regulations have become mandatory, to improve the Nigerian export sector.

“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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