Automation of FOREX Forms on the Trade Monitoring System (Single Window System for Trade)

CENTRAL BANK OF NIGERIA
Corporate Head Office
Central Business District
P.M.B. 0187, Garki, Abuja, FCT

TRADE & EXCHANGE DEPARTMENT

Tel: 09-46237804
09-46237802
Fax:
E-mail address:ted@cbn.gov.ng

Our Ref: TED/FEM/FPC/GEN/01/031

November 21, 2012

To: ALL AUTHORISED DEALERS,
NIGERIA CUSTOMS SERVICE,
SCANNING & SERVICE PROVIDERS AND
THE GENERAL PUBLIC

AUTOMATION OF FOREX FORMS ON THE TRADE MONITORING SYSTEM (SINGLE WINDOW SYSTEM FOR TRADE)

This is to inform all Authorized Dealers, Destination Inspection Service Providers, the Nigeria Customs Service and the General Public that the Pilot run of the Automation of Forex Forms on the Trade Monitoring System (Single Window System for Trade) is scheduled to run from November 22 to December 5, 2012 with the under listed banks.

i. Diamond Bank
ii. Zenith Bank
iii. Unity Bank
iv. Wema Bank
v. Guaranty Trust Bank
vi. Standard Chartered Bank
vii. First Bank of Nigeria

Consequently, all authorised dealers are required to ensure as follows;

I. Effective from the commencement of the pilot run on November 22, 2012, all Form ‘M’ applications must be initiated electronically on the Single Window System, while non-pilot banks are to continue to process paper Forms ‘M’ until December 6, 2012 when the System will go live for all banks.

II. Banks’ customers are required to obtain a valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS). The TIN is a prerequisite for customers to access the Single Window System for Form ‘M’ application.

III. Effective from November 22, 2012, the use of a valid TIN on Form ‘M’ application is compulsory. Non-pilot banks are required to indicate the customer’s TIN on any paper Form ‘M’ completed between November 22 and December 5, 2012. For the avoidance of doubt, any paper Form ‘M’ processed without a valid TIN written on the face of the form will be rejected.

Please ensure compliance accordingly.

(Signature)
W. D. GOTRING for DIRECTOR
TRADE & EXCHANGE DEPARTMENT