Nigerians can now apply for forex online, here is how

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’.

The e-form is to expedite applications for PTA/BTA, medicals, education, and other remittances.

The Central Bank of Nigeria made the announcement 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 circular contained instructions 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.

READ ALSO: Naira falls at official forex window after three days of stability

The circular also showed 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 also meant to replace its hardcopy from today, November 30, 2021. The Bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.

Part of 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 the same to the authorized dealer bank.

READ ALSO: Forex trading: Why most Nigerians fall victim of scammers

“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 from 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.”

Already Nigerian Banks have started informing their customers on the Form A.