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CBN Automates Form A, NCX, Imposes N5,000 Charge

CBN Automates Form A, NCX, Imposes N5,000 Charge

The Central Bank of Nigeria (CBN) has announced that from Tuesday, November 30, 2021, banks are no longer allowed to process hard copies of Form A and Form NCX on the Trade Monitoring System but will only be processed in an electronic form with a N5,000 processing charge also taking effect. Information Guide Nigeria

According to LEADERSHIP, the Central Bank of Nigeria in two separate circulars sent to the authorised dealers, the Nigerian Customs Service, shipping lines, airlines, National Museum, and Monuments as well as the general public, said henceforth, the forms will only be processed in electronic form.

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In the circulars signed by the CBN Director, Trade and Exchange Department, Dr O.S Nnaji, the electronic form A will replace the hard copy of Form ‘A’ for invincible transactions such as Personal and business travel allowance (PTA/BTA) medicals, education, other remittances amongst others.

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The e-Form ‘NCX’ shall replace the hard copy of Form ‘NCX’ for non-commercial exports, with effect from November 30, 2021.

LEADERSHIP reports that those filling the e-Form A, are required to obtain a valid Bank Verification Number (BVN) from their banks, as 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 as fee per declaration of e-Form ‘A’ is applicable with effect from November 30, 2021, and henceforth.

“There will be a direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank. However, the charge on the Customer for the e-Form ‘A’ should be separated from other bank charges. Jamb Result

“All hard copies of Forms ‘A’ established on or before November 30, 2021, prior to the commencement of the e-Form ‘A’ shall be utilized within 15 working days of the establishment of the Form. For 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.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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