The Central Bank of Nigeria (CBN) has stated that it has automated Form A used for invisible transactions and NCX form, used for non-commercial exports on the trade monitoring system.
This was contained in two separate circulars signed by the Director Trade and Exchange Department, Ozoemena Nnaji, on Monday.
The CBN stated electronic version of the form (e-form) will take the place of hard copies.
Form A is a statutory document that enables customers to obtain forex at the CBN or interbank rate to carry out non-goods operations.
The bank also stated that customers would be required to pay 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 CBN notified the public that the NCX form would be released 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.”
