House of Reps urges CBN to suspend imports and exports

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The House of Representatives has requested the Central Bank of Nigeria (CBN) to suspend the implementation of the new guidelines on the introduction of E-Evaluator, E-Invoicing for Imports and Exports Businesses in Nigeria.

Following the adoption of a motion proposed by Leke Abejide (APC, Kogi) on Tuesday, the House said the CBN had gradually moved away from its primary function of monetary policy measures and government banking and was focusing more on fiscal policy measurement which is the function of the Federal Ministry of Finance.

The Chamber notes that: “On 21 January 2022, the Central Bank of Nigeria issued a Circular on Guidelines for Import and Export Businesses in Nigeria, with reference number TED/FEM/FPC/PUB/01 /001 to take effect from February 1, 2022, 10 days after the publication of the guidelines.

“A sudden monetary/fiscal circular implemented in a hurry or half-heartedly often leads to a political somersault, therefore for a major policy change like this, a 90-day grace period is usually provided for that transactions take place in full in order to avoid distortion of the economy and also to avoid price distortions of trade”.

He said that if the guidelines do not have enough time to raise awareness and familiarize the country’s main ports of entry so that stakeholders and the general public can study the policy, it will distort the prices of goods and services and would create blockages for imports and exports, delay transactions, and consequently cause port congestion.

He also called on the CBN Governor, Godwin Emefiele, to brief the Customs and Excise Committee, with assurances that the target revenue of N3.1 trillion Naira granted to the Nigeria Customs Service by the Federal Government of Nigeria will not be affected by this. sudden implementation of the policy.

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