The Central Bank of Nigeria has replaced the Non-commercial Exports form (NCX) with an electronic version dubbed ‘the e-Form ‘NCX’.
This was disclosed in a circular titled, “Automation of Form ‘NCX‘ on The Trade Monitoring System” and signed by Dr Ozoemena Nnnaji, Director Trade and Exchange Department.
The Non-commercial Exports (NCX) form is usually completed by shippers or their agents and submitted to the bank for clearance, subject to the stated parameters in the foreign exchange manual. Form NCX was completed manually until the recent move by the CBN to automate the NCX Form.
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What the CBN is saying
The circular reads “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’.
Accordingly, the e-Form ‘NCX’ shall replace the hard copy of Form ”NCX” for non-commercial exports, with effect from November 30, 2021.
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Consequently, all Authorized Dealers are required to ensure as follows:
- That the processing of Form ‘NCX’ shall only be done electronically on the Trade Monitoring system accessible at www.tradesystem.gov.ng;
- Authorized Dealer Banks are to ensure that their customers obtain a valid Tax Identification Number (TIN) from Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN Is a prerequisite for customers to access the Trade System for e-Form ‘NCX’ application;
- The e-Form ‘NCX’ is web-based and allows non-commercial exporters to initiate the Form from their offices/homes and submit same to the Authorized Dealer Bank.
- A charge of =N=5,000.00 (Five Thousand Naira) as fee per declaration of e-Form ‘NCX’ 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 ‘NCX’ should be separated from other bank charges.
- All hard copies of Forms ”NCX’ established on or before November 30, 2021 (prior to the commencement of the e-Form ‘NCX’) shall be utilized within 90 days of the establishment of the Form.
- For avoidance of doubt, all established hard copies of Forms ‘NCX’ for which shipment has not taken place within the transition period of 90 days shall be deemed cancelled.
- All Authorized Dealer Banks are enjoined to inform their customers of this development for compliance.
