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 authorised dealer banks to inform their customers of the development for compliance.
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.”
Latest Dollar To Naira Exchange Rate Today, 4th November 2021
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).”
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.”
In case you missed it
This online medium 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.
