It is interesting to see the new improvement initiated by the Central Bank of Nigeria, that 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 done so as to minimize the scarcity of the Forex in Nigeria and which also caused Naira depreciation. 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 Forms creation.
What the CBN is saying, Under the leadership of Emefiele.
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 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.
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 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.
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.
Therefore, Nigerians looking to obtain foreign currencies for travels and businesses can now apply online, thanks to the Central Bank of Nigeria‘s (CBN) deployment of an electronic Form ’A. It can be recalled that Since the CBN stopped providing dollars to Bureau de Change operators, traders have been forced to seek alternative sources of obtaining foreign currency.