CBN automates non-commercial exports form for dealers

The Central Bank of Nigeria said on Monday that it had automated the Non-Commercial Exports form for stakeholders in the business sector.

The CBN disclosed this in a circular, which was signed by the Director, Trade and Exchange Department, Dr O.S. Nnaji, and titled ‘Automation of Form NCX on the trade monitoring system’.

When payments are not expected for goods to be shipped to any destination outside Nigeria, NCX form is required to be completed by shippers or their agents and submitted to the bank for approval subject to the stipulated guidelines in the foreign exchange manual.

The circular read, “This is to inform 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.

“Accordingly, the e-Form NCX shall replace the hard copy of the Form NCX for non-commercial exports, with effect from November 30, 2021.”

The circular said all authorised dealers were required to ensure that the processing of Form NCX should only be done electronically on the Trade Monitoring System’s website.

According to the CBN, the e-Form NCX is web-based and allows non-commercial exporters to initiate the form from the offices or homes and submit same to the authorised dealer bank.

It said, “A charge of N5,000 as fee per declaration of e-Form NCX is applicable with effect from November 30, 2021 and henceforth.

“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 separate from other bank charges.”

The circular added that all hard copies of Form NCX established on or before November 30, 2021 (prior to the commencement of the e-Form NCX) should be utilised within 90 days of the establishment of the form

Article first published on the Punch Website

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