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CBN okays new forex policy on importation

By on March 26, 2013

THE Central Bank of Nigeria (CBN) has kicked-off the self-service process in the automation of foreign exchange forms, now known as Electronic Form M (e-Form M) on the trade monitoring system.

It also approved a fee to be paid by importers and traders for accessing the e-Form M on the single window for trade.

The e-Form M automation, which was scripted to aid the apex bank’s cash-less initiative and remove bottlenecks involved in making foreign exchange transactions, especially by importers, would now be initiated by individuals concerned.

In a statement signed by the Director of Trade and Exchange Department, W.D. Gotring, the apex bank noted that following the successful deployment of the forex form on the Nigerian Single Window for Trade portal, it became necessary to commence the self-submission of the form by importers and traders.

“The e-Form M is web-based and allows the importers/traders to initiate the form from their offices/homes and submit same to the authorised dealer bank. All Nigerian importers are advised to begin self-submission of the form on the trade portal in line with the design and objective of the system,” it said.

The forex form automation, which started last year with a pilot run on seven banks, meant that the process would be initiated electronically on the single window system trade portal, rather than the use of paper forms.

Specifically, the selected banks for the pilot run are Diamond Bank, Zenith Bank, Unity Bank, Wema Bank, Guaranty Trust Bank, Standard Chartered Bank and First Bank of Nigeria.

Also, CBN stated that the introduction of fee to be charged for accessing the e-Form M, would involve:

• A charge of N1,500 as fee per declaration will be applied with effect from December 6, 2012 and henceforth;

• recovery of the cost of e-Form M used by processing banks since December 6, 2012, when the e-Form M was deployed. The cost recovery is pursuant to all e-Forms M utilized when the pre-paid hard copy forms ceased to be used; and

• direct debit of the processing bank’s current account for each declaration, which should be recovered from the customer by the bank.

According to Gotring, the charge on the customer for the e-Form M should be separated from other bank charges, urging banks to inform their customers of the development for compliance.


( Guardian)