Buy dollar online in Nigeria; how is that possible? How does the mere mention of it hit you? In this article, we will walk you through on how to buy dollar online in Nigeria. Like all posts in our website, this article is a combination of theory and practice. Hence, we urge you to follow as we do it together. Therefore, ensure you have a device that is internet enabled, and that you are in a comfortable place to follow along as we guide you. Additionally, feel free to reach us with any question that you have on this topic.
BUY DOLLAR ONLINE IN NIGERIA; WHAT A GOOD NEWS
Nigerians would now be able to apply for dollar and other currencies on the web. This is because of the Central Bank of Nigeria’s arrangement of an electronic Form A. Electronic Form A would speed up applications for PTA/BTA, medicals, training, and remittances. CBN made this information public in a circular titled “automation of Form A on trade monitoring system.”
The CBN states that all hard copies of Forms ‘A’ created on or before November 2, 2021 (before the start of the e-Form ‘A’) must be used within 15 working days of the Form’s creation.
BUY DOLLAR ONLINE; WHAT IS FORM A?
In international trade, what usually happens is the exchange of currency, tangible and intangible goods across countries borders. In Nigeria, First, Form A serves as the document for initiation of exchange of invisible goods into the Nigerian. Invisible goods or services includes trades such as payment for home remittances, school fees, bills for medical, pilgrimages, other forms of travel, etc.. Consequently, besides travel allowances, one must complete this Form on the single window for trade before obtaining other invisible services.
DIFFERENCE BETWEEN FORM A, FORM M and NXP FORM
Form M is the application to import visible goods into Nigeria. It is the first official government recognized document for the importation of visible goods into Nigeria trading space. In a separate article, we gave systematic guide on how to obtain Form M. NXP Form is Form M in reverse; it is the application made to export tangible goods out of Nigeria. While Form M and NXP Form deal with palpable goods, Form A is for impalpable goods and services. Form M is processed on single window for trade platform, whereas Form A and NXP Form are done on the trade monitoring platform.
Read Also: FORM M NIGERIA: HOW TO PROCESS AND OBTAIN IT
BUY DOLLAR ONLINE; WHAT THE CBN SAYS ON E-FORM A
The CBN circular states:
“This is to inform all authorized dealers and the general public of the deployment of e-Form A. Accordingly, the e-Form A shall replace the hard copy of Form A for invincible transactions with effect from November 30 2021. Invincible transactions includes PTA/BTA, medicals, education, other remittances etc. with effect from November 30, 2021. Consequently, all authorized dealers are required to ensure that the processing of Form A shall only be done electronically on the Trade Monitoring System.
The general public is required to obtain a valid Bank Verification Number (BVN) from their authorized dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-Form A application. The e-Form A is web-based and allows the public to initiate the Form from homes, and submit to the authorized dealer bank.
FURTHERMORE,
A charge of N5,000 (Five Thousand Naira) as fee per declaration of e-Form A is applicable with effect from November 30 2021, henceforth. There will be a direct debit from the processing bank’s current account for each declaration. This should be, recovered from the charge on the customer by the bank. However, customers for the e-Form A should be separated from other bank charges.
All hard copies of Forms A established on or before November 2 2021 (prior to the commencement of the e-Form A) shall be utilized within 15 working days of the establishment of the Form. For the avoidance of doubt, all established hard copies of Forms A for which disbursement had not been made within the transition period of 15 working days shall be deemed cancelled. All authority dealer banks are enjoined to inform their customers of the development for compliance.”
HOW TO APPLY FOR FORM A
Go to trade monitoring system, and choose exporters portal, and click on “GOTO PORTAL.”
Create account and login by typing your email and a chosen password.
Login with the username and password created, to display the following general information page:
From the above, choose and click Form A
Select as private sector or as public sector, whichever is applicable to you.
Notice that your company details are imported from the corporate affairs commission already.
Click next to go to the “Trade Services” page
Make sure you select and fill adequately what captures your intentions. Fill in beneficiary details and bank information.
Click next to go to “Bank Details”, where you are to fill your bank details in Nigeria. Remember to save as you fill details. Go-ahead and complete the “Attachment” page by supplying relevant documents that supports your application.
Do not submit until you preview all fields, to making sure of accurate information is the case. If satisfied that all information are correct, feel free to submit your application.
Monitor your application by checking on the history as displayed below:
You can also check with your dealer bank on what is happening to your application for Form A.
CONCLUSION
Nigerians can now buy dollar online as it were, by applying for Form A. The central bank of Nigeria – CBN automated the Form A for ease of doing business. Thus, individuals can apply to buy dollar from the comfort of their homes and offices. This automation will not only facilitate access to much needed foreign currency, but will solve problems inherent with too much human interface. Especially, considering the covid-19 pandemic, we have no option than to applaud the CBN for this initiative.
Thank for reading and following the systematic guideline in this article for buy dollar online. Finally, feel free to contact us for import and export cargo clearance.