The Nigerian Central Bank said on Monday that it has automated the Non-Commercial Exports form for business stakeholders.
The CBN announced this in a circular headed 'Automation of Form NCX on the trade monitoring system,' signed by Dr O.S. Nnaji, Director, Trade and Exchange Department.
When no payments are expected for products to be delivered outside of Nigeria, shippers or their agents must fill out the NCX form and submit it to the bank for clearance, following the requirements outlined in the foreign exchange manual.
"This is to notify all licensed dealers, Nigerian Customs Service, shipping lines and airlines, national museum and monuments, and the general public of the deployment of e-Form NCX," according to the circular.
"As a result, with effect from November 30, 2021, the e-Form NCX will replace the physical copy of the Form NCX for non-commercial exports."
According to the circular, all approved dealers must guarantee that Form NCX processing is done entirely online on the Trade Monitoring System's website.
The e-Form NCX, according to the CBN, is web-based and allows non-commercial exporters to complete the form from their workplaces or residences and send it to an approved dealer bank.
