CBN identifies challenges in electronic foreign exchange forms

 The Central Bank of Nigeria (CBN) on Thursday identified some challenges it observed since the deployment of electronic foreign exchange forms (e-Form M) in trade transactions.

According to Batari Musa, director, trade and exchange, CBN, some of the challenges include validation of Taxpayer Identification Number (TIN); discrepancies in email addresses at the point of registration, network instability and high downtime frequency.

Musa spoke in Lagos at the Access Bank plc ‘Trade Customers’ Forum’ where the bank brought together its customers and regulators to discuss the challenges facing trade transactions.

“Importers should ensure that they have valid TIN; ensure that they have decentralised user management to allow CBN, banks and high volume customers manage their users; also the vendors and other stakeholders should ensure the stability of the system to avoid disrupting the processing of trade transactions,” he added.

He noted the features and benefits of electronic foreign exchange forms to include the automation of international trade transactions, and reduction of turnaround time from importation to the clearing stage of all international trade transactions.

IHEANYI NWACHUKWU