Central Bank automates e-form NCX

The Central Bank of Nigeria in a circular sent to the Nigerian customs service, authorized dealers, shipping lines, airlines and the general public informed of the deployment of the e-form NCX.

In the circular signed and dated November 29, 2021, CBN director of Trade and Exchange, Dr. O.S Nnaji, stated that the e-form NCX shall replace the hard copy of Form NCX for non-commercial exports, with effect from November 30, 2021.

What this means to all authorized dealers:

1. The processing of e-Form NCX shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng.

2. Authorized 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.

3. The e-form NCX is web based and allows non-commercial exporters to initiate the Form from their offices/homes and submit same to the Authorized Dealer bank.

4. A charge of N5000 ( five thousand Naira ) as fee per declaration of e-form NCX is applicable with effect from November 30, 2021 and 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 charges.

Read the full circular here for details.

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 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.

All Authorized Dealer Banks are enjoined to inform their customers of this development for compliance.

Dr. O.S Nnaji stressed the need for strict compliance in the document.

LEAVE A REPLY

Please enter your comment!
Please enter your name here