Through Form A, customers can buy forex at the CBN interbank rate, this is to enable them to make payments due for eligible services as speculated by the foreign exchange manual.
That said, if you are looking to get a personal or Business travel allowance, forex to pay for your school fees as well as medical, etc., this guide will up your knowledge on how to do just that.
In Nigeria, Form A is an application form created by the Central Bank of Nigeria for the purpose of facilitating payment for service transactions categorized as "Invisible trade". This form allows customers to purchase foreign exchange at the CBN inter-bank rate, which they can use to pay for eligible services as outlined in the foreign exchange manual.
Processing Form A in Nigeria can seem daunting, but it doesn't have to be. Form A is a document required by the Central Bank of Nigeria (CBN) for any individual or business that wants to conduct foreign transactions.
In this article, we will provide you with a step-by-step guide on how to process Form A in Nigeria, including the required documents, fees, and processing time.
You can apply for Form A online through Trade system via https://www.tradesystem.gov.ng/landing/index.html
Requirements for e-Form A
1. TIN: Tax Identification Number for organizations
2. BVN for individuals
3. Valid email address
4. Immediate past 3-year Tax Clearance Certificates (March 2023 Update)
How to Apply for Form A online
To register Form A on the trade portal and fill CBN Form A online, please follow these steps:
Visit the trade portal by clicking on the following link Trade Portal
If you are a returning user, enter your username and password.
If you are a new user, click on "Register now" and select whether you are an organization or an individual.
Organizations should provide their TIN, while individuals should provide their BVN.
Choose a strong password and confirm it.
Verify your registration by submitting the OTP sent to your registered email.
Once verified, apply for the service you require, such as PTA/BTA, school fees, medical expenses, etc.
Remember that you are seeking forex/USD through the CBN interbank window for any of the listed services.
To apply for Personal and Business Travel Allowance (PTA/BTA), follow these steps:
Launch the trade portal.
Select "Start Application".
Click on the PTA/BTA option.
Enter your details and upload your travel documents, such as your Visa page, flight ticket to and fro, and international passport. For BTA, upload the company's nomination form.
Enter the bank account number to be debited.
Select your bank and branch from the dropdown menu where you prefer to process your transaction, then submit.
An AF-number will be generated. Follow up with your preferred bank to process your funds, which may take up to 3 working days, excluding Saturdays, Sundays, and public holidays.
Step by step Guide on how to process Form A for import/Export
Step 1: Obtain a proforma invoice from your supplier
Before you can begin the process of obtaining Form A, you will need to obtain a proforma invoice from your supplier. This invoice should include details such as the description of the goods, the quantity, the unit price, and the total value of the goods.
Step 2: Open a Form M with your bank
Once you have obtained the proforma invoice, you will need to open a Form M with your bank. This form is required for all imports into Nigeria and is used to monitor the flow of goods into the country.
Step 3: Submit your Form M to the CBN
After opening your Form M, you will need to submit it to the CBN for approval. This process can take up to 24 hours, so it is important to submit your form as soon as possible.
Step 4: Obtain a proforma invoice from your supplier
Once your Form M has been approved, you will need to obtain a proforma invoice from your supplier. This invoice should be addressed to the Nigerian bank that opened your Form M.
Step 5: Complete Form A
After obtaining the proforma invoice, you will need to complete Form A. This form should include details such as the name and address of the supplier, the description of the goods, the value of the goods, and the port of shipment.
Step 6: Submit Form A to your bank
Once you have completed Form A, you will need to submit it to your bank for processing. Your bank will review the form and forward it to the CBN for approval.
Step 7: Obtain approval from the CBN
After your bank has submitted your Form A to the CBN, you will need to wait for approval. This process can take up to 48 hours, so it is important to submit your form well in advance of the shipment date.
Step 8: Receive your Form A
Once your Form A has been approved, you will receive a copy of the document from your bank. You will need to present this document to the shipping company before your goods can be shipped.
Step 9: Track your shipment
After your goods have been shipped, it is important to track the shipment to ensure that it arrives in Nigeria on time. You can do this by contacting your shipping company or using a tracking service online.
In conclusion, processing Form A in Nigeria can be a complex process, but by following these steps, you can ensure that your goods are imported into the country legally and with minimal delay. Remember to allow plenty of time for processing and to keep all required documents and invoices in order
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