The Guidelines provide new mechanism for evaluating invoices as part of documentation for payment import and export to achieve accurate value for import and export items. The key provisions of the Guidelines are as follows:

1. Introduction of e-Valuator and e-Invoice which replaces the hard copy final invoice documentation required for all import and export transactions. All import and export transactions will require the submission of an e-Invoice authenticated by Authorised Dealer Banks in the Nigerian Single Window Portal – Trade Monitoring System (TRMS).
2. The adoption of e-Invoice will take effect from February 2022. The invoice will be authenticated by an authorized dealer bank on the TRMS.
3. Contracts with suppliers/buyers shall stipulate compliance with the obligations under the Guidelines (i.e., the use of e-Invoice and authentication of same on the TRMS, as well as pricing not to be more than 2.5% of the verified global checkmate prices); and the suppliers/buyers shall be advised that the authenticated e-Invoice shall be required for payments.
4. The system will operate on a Global Price Verification Mechanism which is guided by a benchmark price which is the actual spot market price obtainable at the time of consummation of invoicing, in the market where the goods are traded.
5. Import and export transactions with unit prices that are more than 2.5% from verified global checkmate prices will not be eligible for successful completion of either form M or Form NXP (as the case may be).
6. An importer/exporter cannot effect payment to the credit of any foreign supplier unless the e-Invoice has been authenticated by an Authorised Dealer Bank. The content of the authenticated e-Invoice is only advisory to the Nigerian Customs Service (NCS).

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