CBN introduces e-form for non-commercial exports, charges N5,000
By Matthew Denis Abuja
The Central Bank of Nigeria (CBN) has introduced e-form ‘NCX for Non-commercial Exporting activities in the Country.
This is contained in a statement signed by the Director of Trade Exchange of CBN, Dr. S.O Nnaji and made available to Nigerian NewsDirect on Monday.
According to the statement, the e-form ‘NCX’is going to replace the hard copy NCX form for non commercial export will commence from tday 30th November, 2021 respectively.
The statement reads “This is to inform all authorize dealers including Nigeria Custom Service, Shipping Lines, Airlines, National museums, Monuments and the General public of the deployment of the e-form ‘NCX’.
“Consequently, the dealers are to ensure that the processing of form ‘NCX’ shall only be done electronically on the Trade Monitoring System accessible on www.tradesystem.gov.ng.
“Authorize bankers are to ensure that their customers obtain valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) or Joint Tax Board (JTB) as the TIN is part of the criteria for customers to access the NCX form application.
“The e-form is a web based and allows non commercial exporters to initiate the forms from their offices, home and submit same to the authorise banks. A charge of N5,000 as fee per declaration of the e-form NCX’ is applicable as from 30th November, 2021 and henceforth there will be direct debit of banks current accounts for each declaration which should be recover by the customer from the bank as the charges of the e-form should be separated from other bank charges.”
The statement further stressed that all hard copies of the e-form established on or before the commencement date shall be utilized within 90 days of the establishment of the form.
It warned that all established hard copies of the NCX form for which shipment hasn’t been taken place within the 90 days transition shall be declared cancelled.
“All authorize banks dealers are enjoined to inform their customers of the new development and ensure compliance.”
