CBN automates forms for invisible transactions, non-commercial exports

The Central Bank of Nigeria (CBN) says it has automated Form A deployed for invisible transactions and NCX form, used for non-commercial exports on the trade monitoring system. 

The apex bank disclosed this in two separate circulars signed by Ozoemena Nnaji, director trade and exchange department, on Monday. 

According to the circular, CBN said it will replace the hard copy of the forms with an electronic version (e-form). 

Form A is a statutory document that allows customers to purchase forex at the CBN or interbank rate to perform non-goods operations. 

The bank also noted that customers would pay a charge of N5,000 as a fee per declaration of both forms. 

“This is to inform all authorized dealers and the general public of the deployment of e-Form ‘A,” the statement reads. 

“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.

“A charge of N5,000 as fee per declaration of e-Form ‘A’ is applicable with effect from November 30, 2021, and henceforth. 

Also, the apex bank informed the public that the NCX form would be deployed online henceforth. 

The NCX is a forex form deployed when payments are not expected for goods to be shipped to any destination outside Nigeria. 

“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’,” the statement added. 

 “Accordingly, the e-Form ‘NCX’ shall replace the hard copy of Form ”NCX” for non-commercial exports, with effect from November 30, 2021.”