Standard Chartered Bank Nigeria Limited (SCB) with representation from the Central Bank of Nigeria (CBN) and industry experts, hosted a virtual conference for clients and stakeholders on 15th March 2022 to discuss and analyse the recent Central Bank of Nigeria circular on Introduction of E-evaluator and E-invoicing for Import and Export and its implications for Nigerian businesses.
E-evaluator and E-invoicing is an initiative of the CBN aimed at ensuring accurate and fair value is assigned to goods imported and exported to and from the country. This initiative is expected to curb over and under-invoicing as well as manage price variations, thus aiding the CBN in reducing capital flight, managing foreign exchange allocation and enhancing efficiency in supply chain flows.
The virtual conference which attracted over 240 attendees across the various sectors of the economy reinforced the Bank’s commitment to driving cross-border trade, commerce and prosperity in markets where it operates. It reiterates the bank’s passion for promoting thought leadership and market advocacy on topical issues affecting trade by bringing together seasoned experts from both public and private sectors who expressed their thoughts on the Central Bank’s initiative.
The conference provided a platform for major multinationals, International & local corporates, industry experts, policy makers, regulators and other stakeholders in Nigeria to get a clear understanding of the E-evaluator and E-invoicing policy and better appreciate the benefits it will deliver to the Nigerian business community and the nation at large. It also allowed stakeholders to provide feedback to the regulators’ areas of concern for re-consideration before the initiative is eventually launched.
Lamin Manjang, (CEO, Standard Chartered Bank Nigeria Limited) stated during the session that “The Central Bank of Nigeria is keen to ensure that the reserves are at a healthy level and foreign exchange is being managed prudently. The introduction of E-evaluator and E-invoicing is part of the initiatives designed to help the CBN achieve its objective of managing the foreign reserves of the nation.”
Ibiyemi Okuneye, (Head, Transaction Banking, Standard Chartered Bank Nigeria Limited) also reiterated that “The wave of new technologies is driving the way trade business is done globally and helping to promote transparency, traceability and accuracy of the value of goods and service in cross-border import and export trade whilst minimising the risk and vulnerabilities of manipulations arising from over and under-invoicing. In response to the evolving landscape, the CBN is introducing the e-evaluator and e-invoicing which is a critical enabler for ensuring the accuracy of the value of items of import and export. This initiative has the potential to transform the trade landscape and open up opportunities for further innovation and digitization of the trade process in Nigeria.”
The panel consisted of seasoned experts namely: Maikai Richard Audu (Principal Manager & Price Verification Coordinator, Trade & Exchange Department of Central Bank of Nigeria), 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).
Standard Chartered’s strategic purpose is driving commerce and prosperity through our unique diversity across emerging markets we operate (Asia, Africa and the Middle East) thus making us the Right Partner of Choice in supporting our diverse and varied clients’ strategic growth plans and initiatives in these regions. Standard Chartered’s rich history in Nigeria dates back to 1894, through the British Bank of West Africa and our comprehensive coverage in Africa spanning 15 countries ensures that Standard Chartered can support clients looking to extend operations into the African region.
