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New CBN procedure: Exporters decry shipment delays

The Organised Private Sector Exporters Association (OPEXA) has called on the Central Bank of Nigeria (CBN) to urgently address the delays in shipments being faced…

The Organised Private Sector Exporters Association (OPEXA) has called on the Central Bank of Nigeria (CBN) to urgently address the delays in shipments being faced by non-oil exporters since October when the bank enforced a new regulation on electronic processing of Nigeria Export Proceeds (NXP) Form on Trade Monitoring System (TRMS).

The CBN procedure stipulates that shipping companies are required to access the TRMS portal to generate the NXP document for capturing on the Bill of Lading (B/L).

The Executive Secretary of OPEXA, Mr. Paul Olarewaju, in a statement on Friday, said that the Organised Private Sector (OPS) welcomed reform to streamline export logistics and support all efforts to generate transparency in procedures, but that such reforms needed stakeholders’ consultation and adequate preparation to be effective.

Mr. Olarewaju said, “There is a long queue in uploading the data. As agricultural commodities form the bulk of the Nigerian non-oil exporters, the exporters fear widespread cancellation of orders due to delays.

“Unfortunately, this is happening when we are in the mid of a pandemic and Nigeria needs FOREX.’’

The OPEXA boss described the recent circular dated October 6, 2020, introducing the TRMS as “a positive development’’, adding that its members were bona fide non-oil exporters and would ensure compliance with the export procedure.

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