CBN FORM M AND PAAR REQUIREMENT IN BRIEF

The article for how to process and obtain CBN form m in Nigeria has dealt considerably on how to process Form M. So also the article for how to obtain PAAR in Nigeria has dealt with PAAR processing in much detail. This article is intended to consolidate both subjects and in brief.

CBN FORM M: DOCUMENTS

The documents required to apply for Form M are:

• SON Product certificate for most items, NESREA Import Permit for used items, NAFDAC import permit for food and related items. You may also need other certifications like DPR certificate, depending on what you are importing. Read Also: CUSTOMS CLEARANCE: NESREA CLEARANCE PERMIT
• Pro forma invoice of the item of import
• Marine cargo insurance

CBN FORM M AND PAAR

The regular documents required for PAAR are:

• The Packing List
• The Commercial Invoice
• The Bill of Lading for sea shipment or the air waybill for air freight
• The Combined Certificate Of Value and Origin – CCVO

CBN FORM M: METHODS OF APPLICATION

CBN Form M application is via the Nigerian single window for trade whereas the PAAR is processed by just any commercial bank, simply send the above mentioned documents to the same bank that validated your Form M (the authorized dealer bank) and the PAAR is processed.

Ensure that Form M is in place before shipping your cargo on board, to avoid errors resulting from shipping documents having dates earlier than the Form M.

Read Also: NAFDAC PRODUCT REGISTRATION: IMPORT PERMIT

Once the Form m is approved, and Form M detail (Numbers) added on all other shipping documents, the documents are sent to the bank by the exporter (in principle), for PAAR processing. Some banks may accept just scan copies to proceed with PAAR, while others are rigid.

CONCLUSION:

As if in a summary, the CBN Form M processing detail can be found at ‘FORM M IN NIGERIA: HOW TO PROCESS AND OBTAIN IT’ The PAAR, which is an acronym for Pre-Arrival Assessment Report, gives you clear idea of how much duty to be paid on your cargo. My article for how to process PAAR in Nigeria gives detail on how to obtain PAAR.

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