Central Bank of Nigeria Deploy E-Form for Forex Application

The Central Bank of Nigeria has deployed of an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education, and apply for forex online.

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 November 30, 2021. The Bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.

The circular reads: “This is to inform all authorized dealers and the general public of the deployment of e-Form ‘A’. 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. 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. 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.”

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.

News Source: Nairametrics