CBN Extends Implementation of Forex Form Automation

10 Dec 2012

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Central Bank of Nigeria

By Obinna Chima

The Central Bank of Nigeria (CBN) at the weekend announced the extension of the commencement date for full implementation of Taxpayer Identification Number (TIN) on the Trade Monitoring System from December 6 to December 13, 2012.

The apex bank stated this in a circular with reference number: “TED/FEM/FPC/GEN/01/34,” addressed to all authorised dealers, the Nigeria Customs Service (NCS), Scanning Service Providers (SSPs) and the general public.

The circular titled: ‘Automation of Forex Forms on the Trade Monitoring System (Single Window System for Trade),’ signed by Mr. N.T. Igba on behalf of the Director, Trade and Exchange Department, CBN, was posted on the central bank’s website.

It explained: “Further to our circular ref: TED/FEM/FPC/GEN/01/031 in respect of the above, all authorised dealers, SSPs , the NCS and the public are hereby informed that the commencement date for full implementation of Taxpayer Identification Number (TIN) on the trade portal scheduled for 6th December, 2012 has been extended to 13th December, 2012.”

During the period of the extension, from December 6 to 12,  2012, the apex bank directed that the following should be complied with: “Submission of the e-Form ‘M’ will be done electronically by al banks with or without TIN validation from 6th December, 2012; the non-pilot banks to request their customers to validate their TIN before 13th December, 2012; SSPs to accept e-Form ‘M’ with or without TIN validation and address; and importers to ensure that address on Pro-forma Invoice (PFI) to be Head Office address (not branch office address) and should agree with the address used for TIN and that in the NCS database.”

It urged all authorised dealers to continue the on-line submission of the Forms ‘M’ using either the TIN or RC numbers until 13th December 2012.

Tags: Nigeria, Featured, Business, Central Bank of Nigeria (CBN)

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