image Credit: CBN
The Central Bank of Nigeria has released two new documents stating that the bank has automated forms A and NCX.
Details of the two releases are as follows;
Automation of Form ‘A’ on The Trade Monitoring System
This Is to inform all Authorized Dealers and the General Public of the deployment of e-Form ‘A’,
Accordingly, the e-Form ‘A’ shall replace the hard copy of Form ‘A’ for invincible transactions (PTA/BTA, medicals, education, other remittances etc., with effect from November 30, 2021.
Consequently, all Authorized Dealers are required to ensure as follows:
1, That the processing of Form ‘A’ shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng;
The General Public is required to obtain a valid Bank Verification Number (BVN) from their Authorized Dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-Form ‘A’ application;
3, The e-Form ‘A’ is web-based and allows the General Public to initiate the Form from their offices/homes and submit same to the Authorized Dealer Bank;
4, A charge of =N=5,000.00 (Five Thousand Naira) as fee per declaration of e-Form ‘A’ is applicable with effect from November 30, 2021 and henceforth. There will be a direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form ‘A’ should be separated from other bank charges;
All hard copies of Forms ‘A’ established on or before November 30, 2021 (prior to the commencement of the e-Form ‘A’) shall be utilized within 15 working days of the establishment of the Form,
For avoidance of doubt, all established hard copies of Forms ‘A’ for which disbursement had not been made within the transition period of 15 working days shall be deemed cancelled;
7, All Authorized Dealer Banks are enjoined to inform their customers of this development for compliance.
Please ensure strict compliance.
Automation of Form ‘NCX’ on The Trade Monitoring System
This is to inform all Authorized Dealers, Nigerian Customs Service (NCS), Shipping Lines & Airlines, National Museum & Monuments and the General Public of the deployment of e-Form ‘NCX’.
Accordingly, the e-Form ‘NCX’ shall replace the hard copy of Form ”NCX” for non-commercial exports, with effect from November 30, 2021. Consequently, all Authorized Dealers are required to ensure as follows:
- That the processing of Form ‘NCX’ shall only be done electronically on the Trade Monitoring system accessible at www.tradesystem.gov.ng;
- Authorized Dealer Banks are to ensure that their customers obtain a valid Tax Identification Number (TIN) from Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN Is a prerequisite for customers to access the Trade System for e-Form ‘NCX’ application;
- The e-Form ‘NCX’ is web based and allows non-commercial exporters to initiate the Form from their offices/homes and submit same to the Authorized Dealer Bank;
- 4. A charge of =N=5,000.00 (Five Thousand Naira) as fee per declaration of e-Form ‘NCX’ is applicable with effect from November 30, 2021 and henceforth. There will be a direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form ‘NCX’ should be separated from other bank charges:
- All hard copies of Forms ”NCX’ established on or before November 30, 2021 (prior to the commencement of the e-Form ‘NCX’) shall be utilized within 90 days of the establishment of the Form;
- For avoidance of doubt, all established hard copies of Forms ‘NCX’ for which shipment has not taken place within the transition period of 90 days shall be deemed cancelled;
- All Authorized Dealer Banks are enjoined to inform their customers of this development for compliance.
Please ensure strict compliance.
