Facilitating Global Trade
Trade with ease
Form M is mandatory document to be completed by importers for the importation of goods. Importers are required to complete the form on the Federal Government Single Window for Trade, www.trade.gov.ng
The validity period of a Form M document is 360 days (for general merchandise) and 720 days (for plant and machinery); extensions of 180 days (for general merchandise) and 360 days (for plant and machinery) can be granted by the bank. Further extensions are approved by the Central Bank of Nigeria (CBN).
Bills for Collection is the handling of documents (financial and/or commercial) by banks in line with the instructions received from exporters to:
- – Obtain payment and/or acceptance, or
- – Deliver documents against payment and/or acceptance
- – Deliver documents on other terms and conditions
A Form A allows customers buy funds at the CBN or interbank rate to make payments for eligible services as predetermined by the Foreign exchange manual
Payments for services include the following:
Customers willing to commence the exportation of goods are required to register with the Nigerian Export Promotion Council.
To export good out of Nigeria, an NXP form is a mandatory document to be completed by all exporters.