Nigerians can now apply for forex online as CBN deploys e-Form ‘A’ – Nairametrics

Nigerians can now apply for forex online, thanks to the Central Bank of Nigeria’s deployment of an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education, and other remittances.

This was disclosed in a circular titled, “Automation of Form ‘A’ on the Trade Monitoring System” and signed by Dr Ozoemena Nnnaji, Director Trade and Exchange Department.

The CBN states that all hard Slot Online Gampang Menang JP copies of Forms ‘A’ created on or before November 2, 2021 (before the start of the e-Form ‘A’) must be used within 15 working days of the Form’s creation.

Read: CBN automates Form ‘NCX’ on the Trade Monitoring System

What is Form A?

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 or interbank rate to make payments for eligible services as predetermined by Slot Online Yang Sering Kasih Jackpot Terbesar the foreign exchange manual.

The e-Form ‘A’ is meant to replace its hardcopy from today, November 30, 2021. The Bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.

Read: CBN says foreign currency deposit by banks reduced significantly in 2020 

What the CBN is saying

The circular reads: “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 Pragmatic Play November 30, 2021.

“Consequently, all authorized dealers are required to ensure 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.

Read: CBN releases selection criteria for its ‘100 for 100’ policy

“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.

“A charge of N5,000 (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 from the processing bank’s current account for each declaration which should be Slot777 Gampang Menang recovered the charge on the customer by the bank. However, customers for the e-Form ‘A’ should be separated from other bank charges.”

“All hard copies of Forms ‘A’ established on or before November 2 2021 (prior to the commencement of the e-Form ‘A’) shall be utilized within 15 working days of the establishment of the Form.

Read: We are worried about dollar supply not forex valuation – CBN

“For the 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.

“All authority dealer banks are enjoined to inform their customers of the development for compliance.”

The introduction of the e-Form A is just another of several initiatives of the CBN to ensure the easy accessibility of forex and related services to Nigerian bank customers.

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