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Home Markets Currencies

Nigerian banks inform customers they can request for forex online

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
December 2, 2021
in Currencies
Spot FX market, FMDQ Markets
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Nigerian banks in adherence to the directive issued by the Central Bank of Nigeria (CBN) have informed their customers that forex requests can be processed online.

The banks can now process forex requests online with CBN automated Forms A & NCX for invisible and non-commercial export transactions, according to emails sent to consumers.

CBN had instructed and authorized dealer banks to inform their customers of the development for compliance.

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What the banks are saying

Stanbic IBTC Bank informed its customers in an email, stating, “We wish to bring to your notice that the Central Bank of Nigeria (CBN) has deployed the automated Forms A and NCX for invisible and non-commercial export transactions (in addition to commercial export already on the platform) on the Trade Monitoring System (TRMS) platform.”

This, according to the bank, is to take advantage of digital technology to streamline the request process so that applicants can submit requests from the comfort of their own homes, as well as to unify the processes involved in completing these transactions and for global monitoring and reporting purposes.

It added: “It has therefore become imperative for every individual (Current and potential customer for invisible transactions such as tuition fees, upkeep, medical fees, personal travel allowance (PTA), business travel allowance (BTA), subscription, professional exams, and certification fees and other related requests) to immediately sign up on the Trade Monitoring System (TRMS) platform preparatory to cut over to the new system by the Central Bank of Nigeria (CBN).”

Read: Nigerian banking system in state of flux as “Shashe Banking” flips over

FSDH Merchant Bank Limited also sent a notice to its customers informing them of the CBN’s initiative to automate the processes of obtaining Forms A and NCX via online means.

The notice read, “Dear valued customer, we wish to bring to your notice that CBN has deployed the automated Forms A & NCX for invisible and non-commercial export transactions (in addition to commercial export already on the platform) on the TRMS platform.

“Hence, it has become imperative for every individual (Current and Potential customers for invisible transactions e.g., for tuition fee, upkeep, medical fee, BTA/PTA, subscription, professional exams/certification fee, etc.) to immediately sign up on the TRMS platform preparatory to cut over to the new system by the CBN.”

Read: Nigerian banks don’t have enough dollars to fund acquisition of Shell assets in Nigeria – Agbaje

In case you missed it

Nairametrics earlier reported 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.

Tags: Automated formsCBNforex
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 1

  1. Tola says:
    December 9, 2021 at 10:29 pm

    This is total rubbish cbn is looking for a way that ppl will be frustrated to go nd change black market is so sad i was in 3 banks today no one can do anything.

    Reply

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