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Forms A, M, and Q
These form allows customers to purchase funds at the CBN or interbank rate to make payments for eligible services as predetermined by the Foreign exchange manual.
Product Information
Form A
It is an application form designed by Central Bank of Nigeria to pay for service transactions (invisible trade) that allows customers to make payment for services such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, PTA, BTA etc.
Description
- It is an application form designed by Central Bank of Nigeria to pay for service transactions (invisible trade)
- The form allows customers to purchase funds at the CBN or interbank rate to make payments for eligible services as predetermined by the Foreign exchange manual.
- The prevalent services it’s utilised for are:
- School fees
- Medical bills
- Training Courses
- Mortgage and others.
Value Proposition/Gain
Purchase fx through CBN fx windows at a considerable rate to pay for services.
Clients have access to foreign exchange in the official window.
Features
- Payment is through telegraphic transfer.
- Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual.
Target Market
Students, Individuals, Companies etc
Form M
Form M is a mandatory statutory document to be completed by all importers for importation of goods denominated in foreign currency into Nigeria on CBN Single window.
Description
The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorized Dealer. Any further extension has to be approved by the Central Bank of Nigeria (CBN).
It is therefore mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service.
Value Proposition/Gain
Process your importation documents seamlessly.
It brings all stakeholders together on a single platform.
Status of imported items are tracked with ease on the portal.
Features & Requirements
PFI is valid for 90 days.
e-Insurance Certificate is required.
NAFDAC/SONCAP is required depending on the item of import.
The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorized Dealer. Any further extension has to be approved by the Central Bank of Nigeria (CBN).
Target Market
Importer.
Form Q
This form is designed for small scale importers in the Small scale business enterprise for importation of physical goods.
Description
Designed for small scale importers in the Small-scale business enterprise, the form enables importers to access the sum of $20,000.00 per quarter in a year for import of physical goods.
Value Proposition
Valid PFI, Adequately funded Current account operated for 6 month and above.
Easy access to funds for Importation of eligible items at CBN rate.
Requirements
- Valid Proforma Invoice
- Adequately funded Current account operated for 6 month and above
- Payment/transfer instruction from the customer
