Standard Chartered Bank Nigeria Limited (SCB), with representation from the Central Bank of Nigeria (CBN) and industry experts, held a virtual conference for customers and stakeholders to discuss and analyze the recent circular of the CBN on the introduction of electronic valuer and electronic invoicing for import, export and its implications for Nigerian businesses.
E-evaluator and E-invoicing is an initiative of the CBN to ensure that an accurate and fair value is assigned to goods imported and exported to and from the country. This initiative is expected to reduce over-invoicing and under-invoicing as well as manage price variations, thereby helping the CBN reduce capital flight, manage currency allocation and improve chain flow efficiency. supply.
The virtual conference, which attracted more than 240 participants from various sectors of the economy, reinforced the Bank’s commitment to boosting cross-border trade, commerce and prosperity in the markets where it operates. It reiterates the bank’s passion for fostering thought leadership and market advocacy on topical issues affecting trade by bringing together seasoned experts from the public and private sectors who have expressed their thoughts on the Bank’s initiative. Central bank.
The conference provided a platform for large multinationals, international and local companies, industry experts, policy makers, regulators and other stakeholders in Nigeria to have a clear understanding of evaluator policy electronics and e-invoicing and better appreciate the benefits it will bring to the Nigerian business community and the nation as a whole. It also allowed stakeholders to provide feedback on areas of concern for regulators for reconsideration before the final launch of the initiative.
Speaking, CEO of Standard Chartered Bank Nigeria Limited, Lamin Manjang, told the session that “the Central Bank of Nigeria is keen to ensure that reserves are at a healthy level and currencies are managed with caution. The introduction of E-Valuator and Electronic Invoicing is among the initiatives designed to help the CBN achieve its objective of managing the nation’s foreign exchange reserves.
On his part, the Head of Transaction Banking at Standard Chartered Bank Nigeria Limited, Ibiyemi Okuneye, also reiterated that “the wave of new technologies is driving the way business is conducted globally and helping to promote transparency. , traceability and accuracy of the value of goods and services in cross-border import and export trade while minimizing the risk and vulnerabilities of manipulation resulting from over-invoicing and under-invoicing. to the changing landscape, CBN is introducing e-Valuator and e-Invoicing which is a critical enabler to ensure the accuracy of the value of import and export items.This initiative has the potential to transform the business landscape and open up opportunities for innovation and digitization of the business process in Nigeria.
The panel was composed of seasoned experts namely: Mr. Maikai Richard Audu (Principal Manager & Price Verification Coordinator, Trade & Exchange Department of Central Bank of Nigeria), Mr. Bamidele Ayemibo (Lead Consultant, 3T IMPEX, Trade Academy), Naveen Batra (Treasury Head, Deekay Group of Companies), Taiwo Shotonde (Treasury Team lead at Mantrac Nigeria Ltd), Laoye, Segilola (Client Manager Team Lead Global Subsidiaries and International Corporates, Standard Chartered Bank Nigeria).