CBN Published First HS Codes Unit Costs Promise To Introduce Product Price Verification
In fulfillment of its earlier promise to introduce product price verification mechanism for imported items, the Central Bank of Nigeria (CBN) has published the first HS Codes unit costs list which is supposed to guide Banks and all authorised dealers in Foreign Exchange in the verification of quoted prices of imported items before Form-Ms are approved.
Nigerian Banker has published CBN eliminates rent seeking, agents in import payments where CBN in its effort to ensure the judiscious use of Nigerian foreign exchange earnings and to avoid incident of over invoicing, transfer pricing and double handling charges on items imported into the country has iddued advise to financial institutions and foreign exchange dealers to desist from honouring Form-M requests from buying agents and other third parties.
The CBN in its circular published on the 24th August 2020 also promised to introduce Product Price Verification Mechanism to be used by autorized dealers in Foreign Exchange to verify prices of products before form Ms are approved.
The CBN has however released the HS Codes unit price list today. The Price list which has the HS Codes of all internationally traded items also hve the Goods Description, Unit of Measurement, and Unit Cost in USD is expected to guide importers and FX dealers to avoid over invoicing of imported items
The HS Code or Harmonized System (HS) Codes are commonly used throughout the export process for goods. The Harmonized System is a standardized numerical method of classifying internationally traded products.
About The Author
