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What are Export Transactions?

Export transaction is the sales of goods by our customers to buyers outside the shores of Nigeria. Exports of goods may be ‘Commercial’ whereby payments are received in foreign currency as proceeds of sale, or ‘Non-commercial’ whereby no payment is expected or received. The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank. Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy, draft and certify export proceeds repatriation to the CBN on behalf of our customers.

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