The CBN uses e-Form ‘A’ for invisible transactions.
Written by Ossy on November 30, 2021
CBN, The Central Bank of Nigeria has announced the implementation of electronic Form ‘A’ for invisible transactions.
Starting today, the e-Form ‘A’ will be used in place of the hardcopy.
Customers will also be charged N5,000 as a fee for every declaration of e-Form ‘A,’ according to the bank.
The central bank made the announcement Tuesday in a circular titled “Automation of Form ‘A’ on the Trade Monitoring System.”
“This is to advise all authorized dealers and the general public of the deployment of e-Form ‘A,'” stated Dr. Ozoemena Nnnaji, Director Trade and Exchange Department, CBN.
As a result, from November 30, 2021, the e-Form ‘A’ will replace the physical copy of Form ‘A’ for certain transactions (PTA/BTA, medicals, education, other remittances, etc.).
“As a result, all authorized dealers must guarantee that Form ‘A’ is solely processed electronically on the Trade Monitoring System, which can be accessed at www.tradesystem.gov.ng;” The general public must receive a valid Bank Verification Number (BVN) from one of their approved dealer banks.
The BVN is required for consumers to be able to access the Trade System for the e-Form ‘A’ application; “The e-Form ‘A’ is online-based and allows the general public to commence the Form from their offices/homes and submit it to the approved dealer bank.” With effect from November 30, 2021, and beyond, a fee of N5,000 per declaration of e-Form ‘A’ would be charged.
For each declaration, a direct debit will be made to the processing bank’s current account, and the bank should recover the fee from the consumer. Customers for the e-Form ‘A’, on the other hand, should be segregated from other bank charges.
“All hard copies of Forms ‘A’ established previous to the start of the e-Form ‘A’ shall be used within 15 working days after the Form’s establishment.”
“To prevent ambiguity, any established hard copies of Forms ‘A’ for which payout was not made during the transition period of 15 working days shall be regarded canceled.”