Banks notify customers as CBN automates forex forms for BTA, tuition fee

Nigerian banks have informed their customers regarding the automation of Forms A and NCX for invisible and non-commercial exports transactions. 

This is in adherence to the directive issued by the Central Bank of Nigeria (CBN).

The CBN had said that it would begin deploying e-forms for both forex transactions from Tuesday.  

The apex bank also said that authorised dealer banks should inform their customers of the development for compliance. 

FSDH Merchant Bank Limited sent a notice to its customers on Tuesday, following the announcement by the CBN.  

“Dear valued customer, we wish to bring to your notice that CBN has deployed the automated Forms A & NCX for invisible and non-commercial export transactions (in addition to commercial export already on the platform) on the TRMS platform,” the statement reads. 

“Hence, it has become imperative for every individual (Current and Potential customers for invisible transactions e.g., for tuition fee, upkeep, medical fee, BTA/PTA, subscription, professional exams/certification fee, etc.) to immediately sign up on the TRMS platform preparatory to cut over to the new system by the CBN.”

Also, complying with the apex’s bank directive, Stanbic IBTC bank sent a notice to its customers on Wednesday. 

“We wish to bring to your notice that the Central Bank of Nigeria (CBN) has deployed the automated Forms A and NCX for invisible and non-commercial export transactions (in addition to commercial export already on the platform) on the Trade Monitoring System (TRMS) platform,” the statement reads.

According to the bank, this is to leverage digital technology and simplify the request process such that applicants can request from the comfort of their homes and unify the processes involved in completing these transactions as well as for global monitoring and reporting purposes.

“It has therefore become imperative for every individual (Current and potential customers for invisible transactions such as tuition fee, upkeep, medical fee, personal travel allowance (PTA) business travel allowance (BTA), subscription, professional exams, and certification fee and other related requests) to immediately sign up on the Trade Monitoring System (TRMS) platform preparatory to cut over to the new system by the Central Bank of Nigeria (CBN),” it added.