NXP form in Nigeria: export documentation and repatriating proceeds

Nigeria wants more non-oil exports and the foreign exchange they bring. The trade-off for exporters is paperwork: every commercial export is registered with the Central Bank of Nigeria, and the proceeds have to come back on time.

What is the NXP form?

Form NXP (Nigerian Export Proceeds) registers a commercial export with the CBN. It records the exporter, the buyer, the goods, their value, the currency, the payment terms and the expected date of payment. Since 2019 it has been fully electronic, processed through an authorised dealer bank on the CBN's trade monitoring system. It is required for all commercial exports, regardless of value.

What do you need to file it?

Your bank's trade desk will list what it needs for your product.

How long do you have to repatriate the proceeds?

A CBN circular of 8 January 2025 set the deadlines:

Proceeds must be credited to the exporter's domiciliary account in Nigeria. The same circular said requests to extend the deadline would no longer be approved. Earlier CBN circulars warned that exporters who fail to repatriate can be barred from banking services and the foreign exchange market.

How should you set payment terms?

1. Agree terms that put payment well inside 180 days, such as deposit plus balance against documents.
2. For new buyers, consider a letter of credit or documentary collection. See letters of credit explained.
3. State the payment currency and the account in the contract.
4. Make sure the buyer's payment reference includes the NXP number or invoice number.

What about the money once it arrives?

Export proceeds credited to the domiciliary account can be used for eligible purposes, or sold for naira in the official FX market. The CBN has changed these rules several times. Its Foreign Exchange Manual, 4th edition, took effect on 1 June 2026 and consolidates the current position; check it and any later circulars with your bank.

What about services exports?

Form NXP covers goods. Service exporters, such as software companies, agencies and consultants, do not file NXP forms. Their foreign inflows still pass through bank compliance. Keep invoices and contracts that explain each payment. See foreign currency accounts for exporters.

Where Rivet fits

For goods exports under Form NXP, proceeds have to reach the exporter's domiciliary account at a Nigerian authorised dealer bank. Rivet is used by registered Nigerian companies on the services side: clients abroad pay into USD account details in the company's own name, in the countries we support, with every payment on a statement that explains where it came from.