Finance

Nigerians to apply for forex online as CBN deploys e-form ‘A’

Banking sector lending to critical sectors still paramount –CBN

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 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:  LCFE registers 39 dealing member firms

 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 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 a fee per declaration of e-Form ‘A’.

Read:  World Bank: Nigeria’s Economy to Grow By 2.5per cent in 2022.

The circular 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.

“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.”

Applicants are 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 the e-Form ‘A’ application.

Read:  e-Naira: Unveiling new features

“The e-Form ‘A’ is web-based and allows the general public to initiate the Form from their offices/homes and submit the same to the authorized dealer bank.

Dailytrust

Related posts

Nigeria-South Africa trade hits $2.9bn

NigGal

Marketers propose N720/litre, suspend fuel imports

NigGal

World Bank raises $160bn to support businesses, bolster economic recovery

NigGal

Cadbury Nigeria records N55 billion revenue in 2022.

NigGal

Dangote slashes diesel, aviation fuel prices again to N940, N980

NigGal

Scarcity trails subsidy removal as Tinubu begins ‘housecleaning’

NigGal

Leave a Comment