In compliance with the directive of the Central Bank of Nigeria (CBN), banks have started issuing notices to their customers regarding the automation of Form ‘NCX’ for invisibles by the regulator.
The CBN in a circular dated November 29, 2021, informed 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’.
The circular signed by Ozoemena Nnaji, director, trade and exchange, CBN, said the e-Form ‘NCX’ shall replace the hard copy of Form ‘NCX’ for non-commercial exports, with effect from November 30, 2021.
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It was stated in the circular that authorised dealer banks are to ensure that their customers obtain a valid Tax Identification Number (TIN) from Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN Is a prerequisite for customers to access the Trade System for e-Form ‘NCX’ application.
“All authorised dealer banks are enjoined to inform their customers of this development for compliance,” the circular reads.
Consequently, FSDH Merchant Bank Limited, on Tuesday sent a notice to its customers. “Dear valued customer, We wish to bring to your notice that CBN has deployed the automated Forms A & NCX for invisible and Non-Commercial export transactions (in addition to Commercial Export already on the platform) on the TRMS platform”.
TRMS simply means Transaction Monitoring System. The essence of this is to leverage digital technology to simplify (from the comfort of the applicant’s desk) and unify the processes involved in completing these transactions as well as for global monitoring and reporting purposes.
“Hence, it has become imperative for every individual (Current and Potential customers for invisible transactions e.g., for Tuition Fee, Upkeep, Medical Fee, BTA/PTA, Subscription, Professional Exams/Certification fee etc.) to immediately sign up on the TRMS platform preparatory to cut over to the new system by the CBN,” FSDH said.
To do this, individual should first update their BVN information with active and accessible email addresses and phone numbers (these details would be required in the course of signing up on the TRMS platform)
The e-Form ‘NCX’ is web-based and allows non-commercial exporters to initiate the Form from their offices/homes and submit the same to the Authorized Dealer Bank.
The CBN said a charge of N5,000 as fee per declaration of e-Form ‘NCX’ is applicable with effect from November 30, 2021 and henceforth.
Furthermore, 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 separated from other bank charges, the CBN said.
It added that all hard copies of Forms ”NCX’ established on or before November 30, 2021 (prior to the commencement of the e-Form ‘NCX’) shall be utilized within 90 days of the establishment of the Form.
“For the avoidance of doubt, all established hard copies of Forms ‘NCX’ for which shipment has not taken place within the transition period of 90 days shall be deemed cancelled.”
