Market News

By Elizabeth Adegbesan

The Central Bank of Nigeria, CBN, said it has deployed electronic Non-Commercial Exports, NCX, forms to replace hardcopy NCX. The apex bank also said that 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.

NCX forms are forms completed by shippers or their agents and submitted to banks for approval subject to the stipulated guidelines in the foreign exchange manual, when payments are not expected for goods to be shipped to any destination outside Nigeria.

The apex bank disclosed this yesterday in a circular to authorized dealers, Nigerian Customs Service (NCS), shipping lines & airlines, National Museum & Monuments and the public titled: “Automation of form ‘NCX’ on the trade monitoring system”.

The circular signed by Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, stated that the e-form ‘NCX’ should replace the hard copy of form ‘NCX’ for non-commercial exports, with effect from November 30, 2021.

It further stated: “Consequently, all authorized dealers are required to ensure that the processing of form ‘NCX’ shall only be done electronically on the Trade Monitoring System accessible at www. tradesystem.gov.ng.

“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.

“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. A charge of N5,000.00 (Five Thousand Naira) as fee per declaration of e-form ‘NCX’ is applicable with effect from November 29, 2021 and henceforth. 

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.

“All hard copies of forms ‘NCX’ established on or before November 29, 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.”