CBN deploys e-Form ‘A’ for invisible transactions


Decline in TB rate to persist as CBN sells N150.8bn

Decline in TB rate to persist as CBN sells N150.8bn

•Customers to pay N5,000 per declaration

By Elizabeth Adegbesan

The Central Bank of Nigeria, CBN, said it has deployed electronic Form ‘A’ for invisible transactions.

The e-Form ‘A’ is meant to replace it’s hardcopy starting today.

The bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.

The apex bank disclosed this, yesterday, in a circular titled, “Automation of  Form ‘A’ on the Trade Monitoring System.

The circular by Director Trade and Exchange Department, CBN, Dr. Ozoemena Nnnaji, said:  “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…

Source: Vanguard Newspaper