The Central Bank of Nigeria (CBN) has declared that from today, 30th November, 2021, commercial banks are prohibited from processing hard copies of Form A and Form NCX on the Trade Monitoring System as the forms would henceforth only be processed electronically.
The apex bank disclosed this in two different memo sent to the concerned bodies – the Nigerian Customs Service, Shipping Lines, Airlines, National Museum and Monuments as well as the general public.
According to the memoranda which were signed by the CBN’s Director, Trade and Exchange Department, Dr O.S Nnaji, the e-form A will replace the hard copy of Form ‘A’ for invicible transactions i.e. Personal and Business Travel Allowance (PTA/BTA) such as medicals, education, and remittances, amongst others while the e-Form NCX will replace the hard copy of Form NCX for non-commercial exports.
The electronic form ‘A’ is web based and members of the public can access it from their comfort zones and make submission through the Authorised Dealer banks.
As a prerequisite to access the Trade System for e-form ‘A’, users are required to get a valid Bank Verification Number (BVN) from their banks.
The release expressed further that for those filling the e-form NCX, the Authorised Dealer Bank must ensure that the customers own a Valid Tax Identification Number (TIN) from the Federal Inland Revenue Service(FIRS) or from the Joint Tax Board(JTB) also noting that the TIN is a prerequisite for customers to access the Trade System for e-Form ‘NCX’ application.
The apex bank also stated that all existing hard copies of the Form ‘A’ must be used within 15 working days of the introduction of the e-Form ‘A’. Also, all existing hard copies of Form ‘NCX’ must be used within a space of 90 days.
The CBN further stated that all Forms ‘A’ and Forms ‘NCX’ whose shipment and disbursement have not been made within the given period shall be deemed cancelled.
The Form ‘A’ is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade). The form allows customers to purchase forex at the CBN at the interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
