Trade Monitoring System To Access Forms A, NXP, NCX In 10 Easy Steps

How To Apply for Forex on Trade Monitoring System in Nigeria In 11 Easy Steps

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The Trade Monitoring System or TRMS is a digital platform designed by the Central Bank of Nigeria (CBN) to enable students, exporters, anyone seeking medical attention in the overseas countries to apply for foreign exchange (US dollar, GBP, and Euro) through trade forms like NXP, NCX, and form A.

In essence, the TRMS is aimed at simplifying data exchange between stakeholders in the trade chain. The beauty of the platform is that it’s all-encompassing as applications for foreign exchange for both visible and invisible trades can be submitted within a few seconds.

What’s new about Trade Monitoring System?

Unlike the conventional and the old method of application for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), foreign school fees, foreign medicals where you had to fill out forms and forced to visit the branch of your preferred bank, the Trade Monitoring System has brought everything online. And in one place.

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This means you don’t need to visit the bank again, right on your smartphone or device, you can conveniently submit applications for forex needs.

With the TRMS, the apex bank can monitor applications for forex real-time and track applicants with their BVN or TIN. We’ll talk more about the benefits of the Trade Monitoring System and some of its challenges.

According to a statement signed by CBN’s Director of Trade and Exchange Department, Dr S.O. Nnaji:

“The general public is required to obtain a valid Bank Verification Number (BVN) from their Authorised Dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-from ‘A’ application”.

Components TRMS Portal

In most parts of the world, countries have Trade Single Window or TSW as a one-stop electronic platform for registered importers and exporters to lodge trade documents with the Government.

It’s hearth-warming that Nigeria’s apex bank joins the rest of the world in digitalising applications for foreign exchange, as such the CBN’s TRMS has three major sections:

  1. Stakeholder/MDA
  2. Authorised Dealer Bank (ADB)
  3. Applicant

Stakeholder/MDA

The Stakeholder/MDA option is designed for pre-shipment inspection agents, including the Nigeria Customs Service and other relevant regulatory agencies in the importing and exporting value chain.

ADB

The ADB is for authorised dealers to review submissions of exporters and validate trade forms

Applicant

The “Applicant” houses the busiest applications. Applications for foreign exchange for visible trade (NCX and NXP) and invisible trade (Form A) are submitted here.

Requirements: To begin your forex application on the Trade Monitoring System you MUST have a Tax Identification Number (TIN) from FIRS or your Bank Verification Number (BVN). Other requirements as pointed out in our earliest guides.

What is e-Form A?

eForm A is a digital application form to buy forex at the interbank or CBN rate in order to make payments for eligible services or invisible trade transactions as predetermined by the foreign exchange manual of the Central Bank of Nigeria.

The e-Form A replaces hardcopy effective November 30, 2021, according to the apex bank, customers would pay a charge of NGN5,000 as a fee per declaration of e-Form ‘A’.

Some of the services classified under form A include:

  • Consulting services
  • Foreign Medical Fees
  • Payment of Foreign School Fees (education)
  • Business Travel Allowance (BTA)
  • Personal Travel Allowance (PTA)

NXP

NXP means Nigeria Export Proceed popularly referred to as NXP Form is a form expected to be completed by Exporters when exporting out of Nigeria.

Most Nigerian banks negotiate Export documents, process export levy, Ness fees and certify export proceeds repatriation to the CBN on behalf of their customers.

Unlike before, the processing of Form NXP shall be done electronically be done on the trade monitoring system.

Requirement: Valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) and other commercial export requirements.

What is NCX?

NCX is Non-commercial Exports. When payments are not expected for goods to be shipped to any destination outside Nigeria, the Non-commercial Exports (NCX) form shall be completed by shippers or their agents and submitted to the bank for approval subject to the stipulated guidelines in the foreign exchange manual.

Goods that fall under Non-commercial Includes:

  • Trans – Shipments
  • Trade Samples and Printed Business Matter
  • Machinery and Equipment for Repairs and Return
  • Gifts and Personal effects
  • Machinery and Equipment for Replacement

Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual.

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How to Apply for Educational Fees on Trade Monitoring System

1) Head over to TRMS platform at tradesystem.gov.ng/landing/index.html

2) Click “go to portal” under Applicant

3) As a first-timer, you will have to register

4) Choose “individual”

5) Enter your 11-digit BVN

6) Check the email address linked to your BVN for your One Time Password (OTP)

7) Now, login to the TRMS where you have Form A, NCX, and NXP

8) Choose form A and choose, “Educational Fees” on the Trade service.

9) Fill in all the required information like:

  • Student name
  • Student Passport number
  • Bank account name
  • Correspondence bank name
  • Bank account address
  • Correspondence bank address
  • Bank account IBAN
  • Bank account swift code
  • Correspondence bank swift code
  • Bank account number

10) Preview your application to ensure that details are correct

11) On “Valid for forex” choose Yes and hit submit button

You should receive an email notifying you that your FX application form has been submitted.

Wait for a response (approval or rejection ) from your bank

Note:

Existing quarterly limits and requirements for forex for foreign school fees apply.

That’s it!

Possible Error:

A common error you’re most likely going to encounter is “BVN found, but without an email address. Kindly refer to your bank for assistance.”

For PTA/BTA Application:

For the Personal Travel Allowance, the earlier requirements for PTA apply, just get them set for upload on the TRMS portal.

Note:

The PTA form is used by an individual to apply for foreign exchange personally, only one person can apply for this at a time.

1) Login to the TRMS portal

2) Choose Form A to begin your application

3) Click PTA.

4) Fill in all the required fields with the correct details.

5) Preview application and submit the application

6) Check your email for acknowledgement from CBN

7) Wait for a response from your bank for disbursement or rejection.

Note:

For Business Travel Allowance, only a registered organisation (company) with a verifiable Tax Identification Number (TIN) can apply for one or more beneficiaries. However, each of the beneficiaries must have a BVN that can be validated by CBN. The existing quarterly limits on foreign exchange requests also apply, check our former article on BTA requirements

Application for Medical Allowance:

Application for Medical Allowance on Trade Monitoring System Registration portal

1) Login to the TRMS portal

2) Choose Form A

3) Select Medical Allowance

4) Under trade category, choose, “Health-Related and Social Services”>>Hospital Services

5) Fill other required spaces

6) Choose “YES” under valid for forex

7) Preview your information, submit

8) Check your email for acknowledgement from CBN

9) Wait for a response from your bank for disbursement or rejection.

Ensure to check the PTA-BTA Exchange rate with your bank

Customer Support

For complaint or support, you can open a ticket on the platform or use the email or dedicated phone numbers below:

  • Email: support (at) tradesystem.gov.ng
  • +234 (0) 1 2361615
  • +234 (0) 708 065 1239
Recap:

Trade Monitoring System is a web portal designed and developed by Nigeria’s apex bank for the automation of foreign exchange trade-related processes.

The TRMS is a multi-stakeholder platform comprising different portals for the various users who want to access forex

Application for PTA/BTA, medicals, education and other remittances are done online effective November 30, 2021, on the TRMS platform, Nigeria’s Trade Single Window

Further Reading:
  1. Trade and Exchange Department (November 29, 2021). “Automation of Form ‘A’ On The Monitoring System”. Central Bank of Nigeria. Retrieved December 25, 2021
  2. TRMS 2nd Level Helpdesk (October 18, 2021). “Completing a Business Travel Allowance (BTA) Application”. TRMS. Retrieved December 25, 2021
  3. Featured image: TRMS portal (screenshot by scrnli)
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30 thoughts on “How To Apply for Forex on Trade Monitoring System in Nigeria In 11 Easy Steps”

  1. Williams Ezeh

    A friend in fidelity bank submitted form a and it was approved in 2 weeks while a friend used U BA bank and it was on ADB REVIEWER for more than 2 months, please is it dependent on your bank?

  2. IZU PAUL

    Hi,

    Please I started this process on the 5th of April, Getting to the 13th of May, I went back to the bank and was told by the banker that mine has been rejected due to insufficient funds, I instantly funded my account and the banker took my information and reapplied that same day 13th May, and until date, I haven’t gotten any update from my own trade system platform nor from the bank.

    Please what could be the problem in other not to defer my offer to the next academic session as the school has provided a deadline till this month ending (JUNE 2022)

    Please assist me

    1. InfomediaNG

      Hello Izu,

      A reliable source said there is a shortage of forex. When that happens, it may take a longer time than usual.

  3. BANKIZ

    Pleas clear me on this, I have initiated my Form A for tuition fee, I can’t have all my finance fixed on my preferred bank, So i need to know how to have estimation of the amount for the transaction.
    should i calculate the rate of my transaction as at the day of applying from the bank,
    Or will the rate be determined depending on when the process is effective ?

    Assist me, so i will know how to prepare my account funding, in other not to encounter insufficient fund after waiting this long

    1. Opeyemi Quadri

      FX isn’t stable, that’s why it is not advisable to have the exact amount using the current market rate at the time of your application. For instance, if the current FX rate is NGN420/$, it’s better to fund your account using NGN430/$ or more in case of any changes and charges that may apply.

  4. Afolayan julius bangbe

    Is the phone number compulsory for the trade system to work?coz my bvn info is also not bringing out my phone number

  5. Hello,
    The ADB reviewer recommend that my application should be rejected due to incomplete documents I already uploaded my conditional letter and invoice but the application has been moved to the ADB supervisor what do I need to do

  6. Jessica jam

    Hi , please my application was rejected due to lack of fund ,I have credited my account today , please it’s possible to be successful after saying rejected

      1. Bankiz

        Sorry you talked about re-applying after the transaction seems abortive (rejected)
        Is it to re-apply for a fresh form A or to go back to the preferred bank to re-apply, Please what do you mean ?

  7. Amarachi Anyiam

    Please how do I cancel my application, I have waited also a month for them to approve application.
    Still no email from them. Please assist so I can use an Alternative means an pay my tuition fee.

    1. InfomediaNG

      Check the dashboard to abort your application. Or move the money from where your forex would be charged to another account, that way your account would not be debited, which automatically invalidates your application.

  8. Ojo Oluwatobiloba

    Hello.It’s been almost a month since I submitted my application.My application status is still on ADB reviewer since then .How long will it take for my application to be successful.I would appreciate if I could get a reply thanks.

    1. InfomediaNG

      …till the FX desk of the CBN attends to your application. No specific day. A source told us that the apex bank is rationing the forex.

  9. I successfully submitted my form A last week Thursday, and my application number was sent to my mail.

    But while going through my trade portal I discovered am still on Stage: ADB Reviewer but while checking other comments I saw people saying their form was rejected because of phone no, and I notice that when I log in as well to fill the form, my phone number wasn’t showing and it could not be added to it.

    But I taught because the phone no was just added to my BVN, now should I print and scan my BVN containing my phone no to the attachment or wait for the outcome of the process because it already 5 working days now since I applied.

    1. InfomediaNG

      Opening a support ticket would be the most effective to resolve your issue. Your application may be handing for weeks

  10. Santus

    It is over two weeks now I submitted my application no email yet. I am worried

    1. InfomediaNG

      Unfortunately, that’s the situation. We’ve heard applicants who waited for more than three weeks.

      The CBN is rationing FX! Sorry about that if you can’t use the alternatives, you just have to wait till your application is reviewed and granted.

  11. Seyifunmi

    Hi there, I submitted my application since 2weeks to make payment for my school fees as an international student.only for my to hear today dat my application was rejected bcos I didn’t upload my marriage certificate.pls I have uploaded it today how long should I wait for this to be verified and sorted out.thank

    1. Julius

      Please are you suppose to upload your marriage certificate on the portal in order for you to make your school fees payment ?And where will the marriage certificate be uploaded on?

  12. Onyekachi Ude

    Is there a way to reach Trade Monitoring System, because I called with my foreign line, know one is picking and my emails can’t be delivered. It keeps bouncing back

    Please how can they be reached from outside Nigeria

    1. InfomediaNG

      Hello Onye,

      Open a ticket at: trms.freshdesk.com/support/login

      Or send complaint to support (at) tradesystem dot gov dot ng

      Here are the phone numbers to call:
      234(0) 817 665 6487
      +234 (0) 708 065 1239
      +234 (0) 1 2361615

  13. Wisdom

    I have registered on this platform for the purpose of school payment but and skeptical about it because of issues been encountered on it.

    I’ve someone who has used the platform to make the same payments for over a week now no response either from CBN or even his own bank. This raises a very important question on, how long it takes for the payment to reach its destination as this is affecting students abroad since it takes so long for these payments to reflect and thereby putting students in as defaulters.

    Again, there is an option for Bank IBAN swift code and Bank Account swift code. Please there should be clear indications on these. I need more clarification.

    1. Blessing

      Hi Wisdom, Please am trying to pay Tuition fee using form A. My registration on Trade system was successful.
      A link was sent to my Gmail to activate my account, have tried clicking on the link several times, I kept getting ” activation token is invalid” My Gmail have been linked to my bvn I also got the otp during registration.
      I sent an email to trade system support, my message couldn’t be delivered, it was rejected several times. I call called no response
      Please advise, I can’t proceed with my application, because I can’t log in. Thank you

        1. John Ekong

          I submitted my application over three weeks now and I received an email that it was successful. I went to my bank, just for my bank to reject it and said there is no dollar. I am confused because I am traveling on Friday.

          1. Opeyemi Quadri

            Hello John,

            If it’s urgent, you may have to seek alternative means at the black market.

  14. Emeka Ndinechi

    This is a very welcome development from the CBN. A right step in the right direction.
    However, I humbly want to apply now for Form Q for my Small and Medium Scale Enterprise (SMSE).
    Which of the different application categories should the usual SMSE application for forex (formerly Application for Form Q) fall under in this new concept.
    Thank you sir.

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