An invisible trade is an international transaction that does not include an exchange of tangible goods. In fact, any transaction that is associated with a value but not with physical goods could be called an invisible trade.
The Central Bank of Nigeria (CBN) says it has automated Form A deployed for invisible transactions and NCX form, used for non-commercial exports on the trade monitoring system.
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 Trade Monitoring System accessible at www.tradesystem.gov.ng
The general public is required to obtain a valid Bank Verification Number (BVN) from their authorized dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-Form ‘A’ application;
“The e-Form ‘A’ is web based and allows the general public fo initiate the Form from their offices/homes and submit same to the authorized dealer bank.
“A charge of N5,000 as fee per declaration of e-Form ‘A’ 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 the charge on the customer by the bank. However, customer for the e-Form ‘A’ should be separated from other bank charges.
“All hard copies of Forms ‘A’ established prior to the commencement of the e-Form ‘A’ shall be utilize within 15 working days of the establishment of the Form.
“For avoidance of doubt, all established hard copies of Forms ‘A’ for which disbursement had not been made within the transition period of 15 working days shall be deemed cancelled.”