NPNEN sees crisis in CBN’s export procedures
The Network of Practicing Non-oil Exporters of Nigeria (NPNEN), has observed that the electronic Nigeria Export Proceed Form being required by the bank from exporters had come with enormous bottlenecks. The President, NPNEN, Ahmed Rabiu, said in a statement issued in Abuja that the new procedure had so many layers of activities that often led to delays and loss of income on the part of exporters. He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.
“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.” In the new pre-export requirements, the CBN wants an export transaction to be initiated through eNXP processing on the trade monitoring system. Exporters stated that after this, the pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies would now carry out their pre-export inspections.