Banks notify customers as CBN commence sale of forex online

In compliance with the directive of the Central Bank of Nigeria, (CBN), banks have started issuing notices to their customers regarding the automation of Form ‘NCX’ for ‘invisibles’ transactions by the regulator.

The CBN, in a circular dated Nov. 29, 2021, informed all authorised dealers, Nigerian Customs Service, Shipping lines and airlines, National Museum and Monuments and the general public, of the deployment of e-form ‘NCX’.

The circular, signed by the CBN’s Director, Trade and Exchange, Ozoemena Nnaji, said the e-Form ‘NCX’ shall replace the hard copy of Form ‘NCX’ for non-commercial exports, with effect from November 30, 2021.

It was stated in the circular that authorised dealer banks are to ensure that their customers obtain a valid Tax Identification Number, (TIN), from the 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.

“All Authorised Dealer Banks are enjoined to inform their customers of this development for compliance”, the circular reads.

The e-Form ‘NCX’ is web-based and allows non-commercial exporters to initiate the Form from their offices/homes and submit the same to the Authorized Dealer Bank.

The CBN said a charge of N5,000 as fee per declaration of e-Form ‘NCX’ is applicable with effect from November 30, 2021 and henceforth.

Furthermore, 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, the CBN said.

It added that 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.

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