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.
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’.
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.
“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.