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 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.
Read: CBN automates Form ‘NCX’ on the Trade Monitoring System
What is Form A?
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 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’.
Read: CBN says foreign currency deposit by banks reduced significantly in 2020
What the CBN is saying
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.
Read: CBN releases selection criteria for its ‘100 for 100’ policy
“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.
Read: We are worried about dollar supply not forex valuation – CBN
“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.
Stupid, useless CBN is facilitating and prioritising Forex supply for the elite while starving and ignoring genuine small businesses that require equipment and raw materials for industrial and commercial production. It is over a month we have been in a useless queue of Stanbic IBTC form-Q without any release of Forex.. Nigeria na cruise.
You have been on the queue for form Q for over a month? Bros, I’ve been on the queue at FBN for the same form Q for 15 weeks – that’s almost four months
I think it is time for CBN governor to leave, why is he misbehaving all these while
Stupid useless people, I lost over 500,000 naira trying to pay for $2500 tuition all because mastercard isn’t working in Nigeria. Nigeria will always mess with you whether you are in it or out of it.
Good Morning Victor, send a mail to me @kellsella04@gmail.com. if you do not mind
Well it time you guys to work for the interest of the poor of the poor, if you are worried about dollar supply , Mr GODWIN how did dollar get to the point it is today, you guys sold NIGERIA and it Citizens to the WHITE people , And what is NCC doing so far to give Nigerians a smart and fast networks, to be able to have easy and fast transactions, SIR WITH OUT NETWORKS HOW COSTOMERS MAKE USE OF THE E_ FORMS , ? I know and see is that this government is taking from the poor, to enrich themselves.
Wonders shall never end in this country, there are people in Nigeria looking for 5,000 to feed you guys are here talking bla bla bla about form and fee of 5,000 una try. Try to reach out to the poor safe me this trash.
How to Apply for personal Traveling allowance online I have my ticket and visa ready with me
Business agreclature
Will the request be fast compare to before
It pains when authorities make rash decisions in Nigeria without considering essential factors: How can the CBN just decided that 15 working days would be enough to complete the processing of old foreign currency applications made in hardcopy wthout considering the number of applicants? And without considering the vast population of Nigeria? Even first world countries with their advanced information systems and with smaller population sizes can never give such a very short notice for service transition! Does the CBN think that e-Form A will reduce the processing time of foreign currency application? I say no, because while the e-form A variant may enable applications to be submitted (subject to user skills), it cannot guarantee a shortened processing and delivery time for issuing foreign currency to applicants, because of the large number of applicants, inadequate processors, and other Nigerian factors. Even before now, there is already a huge queue waiting to be attended to! It is also not wise to remove the hardcopy version entirely, due to the e-skills gap among applicants, lack of network access and the right devices to connect to e-resources, among others. Although many people in Nigeria may have mobile devices, but how many of those devices are right for accessing and web resources? It is for some of these reasons that the CBN could have allowed the hardcopy version to co-exist with the e-form A, in order to cater to the needs of different user populations, at least for much longer time than 15 working days before considering a wholesale phase-out. In the language of innovation adoption, it will be quite safe to say that Nigerians are not ready yet to adopt a fully automated or electronic form A, due to the reasons identified in this post. Digital transformation agenda is not a straight jacket to be imposed on the people when the context of use is not right, otherwise it will result to failure.
How long will it takes, to get disbursement message, after submitting the e-form A online
hi, so how long did it take you?
Please how long does it take to get a response from CBN after successful filling the form A
Do I need a current account to fill the form A?
Did you finally get through with your form A?
OK just my Allah accept your ibadah
First of all the Form A portal is unstble, secondly the form is not matured for deployment because there are many dark spots or do I say Emifele and Co assume that there are no countries after Bermuda. What a hurried mess. It takes forever to get a review even when you dont need their Forex. I think the CBN wants to stiffle the citizens.