Forms NXP & NCX
These forms allow customers to fund international trade of goods and services produced in one country that is sold into another country.
NXP Trade Export Form
An export in international trade is a good or service produced in one country that is sold into another country. NXP is the Nigeria Export Proceed Form expected to be completed by Exporters when exporting out of Nigeria.
FBN is able to process Export transactions through Letter of Credit, Bills for Collection, and Advance payment.
We negotiate Export documents, process export levy, Ness fees and certify export proceeds repatriation to the CBN on behalf of our customers.
Requirements for Commercial Export
- Any customer willing to engage in export business is required to:
- Register a limited liability company with the Corporate Affairs Commission (CAC)
- Register with and obtain the Nigeria Export Promotion Council (NEPC) exporter’s registration certificate
- Obtain a valid Tax Identification Number (TIN) from the FIRS/JTB as the TIN shall constitute a condition for access to the TRMS website.
- Open an export domiciliary account with the bank (First Bank Nigeria Limited)
- Exporter is to ensure that export proceeds are fully repatriated and credited to their export domiciliary account within 180 days from the Bill of lading date for Non-Oil export and within 90 days for Oil export.
NCX Trade Export Form
When payments are not expected for goods to be shipped to any destination outside Nigeria, Non-commercial Exports (NCX) form shall be completed by shippers or their agents and submitted to the bank for approval subject to the stipulated guidelines in the foreign exchange manual. Form NCX is still completed manually.
Goods classified as Non-commercial Includes:
- Gifts and Personal effects
- Trade Samples and Printed Business Matter
- Machinery and Equipment for Repairs and Return
- Machinery and Equipment for Replacement
- Trans – Shipments
Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual.