Last updated on August 18th, 2023 at 10:10 am
The Trade Monitoring System or TRMS is a digital platform designed by the Central Bank of Nigeria (CBN) to enable students, exporters, and anyone seeking medical attention in 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. However, following the announcement by the CBN on Wednesday, June 14, 2023, to abolish multiple exchange rates, form A applicants will now submit forex applications to their banks and NOT through the CBN fx application portal.
Table of Contents
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, and 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.
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”.
What Are the 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 heart-warming that Nigeria’s apex bank joins the rest of the world in digitalising applications for foreign exchange, as the CBN’s TRMS has three major sections:
- Stakeholder/MDA
- Authorised Dealer Bank (ADB)
- 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 for Forex Application
To begin your forex application on the Trade Monitoring System you MUST have the following:
- Tax Identification Number (TIN) from FIRS
- Bank Verification Number (BVN)
- A 3-year Tax clearance certificate
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 the 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)
Nigeria Export Proceed (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 levies, 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 for NXP:
Valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) and other commercial export requirements.
What is NCX?
NCX is Non-commercial export. 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.
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:
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.
I applied and I get “exceeded amount for the quarter” what does that mean? I have never applied before o I don’t get it. Please assist.
I made an amendment on my form A , and since then it’s been on amendment reviewer for over a month now , I was hoping that amendment would be approved within days ..but it’s over a month now , is this something To worry about?
Hi, I tried to access my account on trade system but it says forbidden and just when I tried to email back I was told my email is blocked kindly help
Mobile number is not showing on my profile, whereas there is mobile number linked to my BVN, I wanted to know if mobile number is necessary before I apply for my FORM A? so as not to waited long and get rejected.
Also which bank offer best rate and fastest in processing?
Which one is the best, walk-in to bank to initiate the FORM A or apply online?
Hi everyone,
I have been trying to pay my tuition fee deposit for two weeks now and was told by three different bank staff that processing my FORM A will take nothing less than 3 months (12 weeks). Please kindly advise me on what to do, as I am really confused. What bank is fastest to approach?
CBN is in charge of approval and not the commercial banks. The same duration applies across banks.
I applied for PTA at my bank but unfortunately, I chose GBP as currency because I am traveling to the UK but my bank was unable to process my request in GBP or USD. I was asked to cancel or modify my currency to USD on the Trade portal because the transaction couldn’t be processed.
I have changed the currency from GBP to USD but my request is yet to be approved.
Kindly approve today to enable me access the funds.
Thank you.
This is a very wonderful medium.
Please, in the process of filling the form on PTA, I encountered “Bvn found, but without an email address. And I have to travel on 24-12-2022.
Please, what is the possible way out because I was hoping to have linked my email to bvn?
Hi Okomanyi,
Go to your bank to update your account details. Specifically, tell your bank to link your email address to your BVN. Within 24 hours, the problem should be resolved.
Hello please any idea i have sent my documents on 22 november but still on adb reviewer
Hello, please I submitted my form A for school fees payment, and I have neither heard nor seen any mails to see any updates. This prompted me to check on the TRMS platform. Two things caught my attention:
I. My phone number isn’t displayed
II. ADB_REVIEWER was highlighted in red. Please what does this mean, is my application experiencing any challenges?
Hi Cee,
The CBN stated that it may take up to a month for PTA applications to be honoured. If you did everything right during the application process, you have nothing to worry about. If anything is wrong with your application, you would be contacted. Keep checking your status.
I have issue to sign up. I get otp in email which prompt me to key in password but after imputing password the page will not load or show any instructions. Need help pls
Use Incognito or clear cache and retry
I tried logging into my account but I kept receiving a “forbidden ” message and couldn’t log in, yet a log in password kept coming to my mail each time i tried. Pls what can i do?
I tried logging into my account but I kept receiving a “forbidden ” message and couldn’t log in, yet a log in password kept coming to my mail each time i tried. Pls what can i do?
Use a new incognito window
Hi Admin
Thanks for all the replies, I have applied for school fee payment for over one month now, still at Adb reviewer recommended for approval with Access bank, the Adb reviewer contacted me via the phone number I imputed on my authority to Debit letter, have been on he’s neck, but he kept saying the rest processes doesn’t have anything to do with him, I don’t what else to do, maybe I should wait for one more month if it will be debited, because the process is taking over one month from Adb reviewer to supervisor Right now..
Pls any advise thanks?
Hello and thanks for the info. I have applied for tuition fee payment using form A and when I checked the history from my portal, the status was active and the equivalent of the tuition fee in naira is appearing in my account as a book balance ( meaning I can’t withdraw the money).
How do I know when CBN takes the money, would I be sent any mail? Or how would I know the progress of my transaction?
Thanks
I tried to register, when I input my bvn but the message I received was I have already registered, this is my first time
Hi BK, try reset password, enter your email address and check your inbox or junk or spam folder.
I had paid my schools fees but the admission didn’t work out with the school and I asked for a refund. The school said it would be done in 21 days. Do I need to do sth on trade systems website or just wait for the money to be sent back to my account?
Hi Ola,
You don’t need to do anything on TRMS. The institution will update you on mode of receipt. But note that CBN has guidelines on an unutilised PTA.
I have successfully created a password to set up my account on the trade monitoring system, an activation link was sent to my email to activate my account.
When I clicked on the link from my email, it keeps saying “no account found for the provided activation link”. Please, what account is it referring to?
When I also clicked on resend link, the response it’s giving is “the activation token is invalid”. What is the way out I need to activate my TMS Account to fill out form A
I’m not able to access my account as its saying it is forbidden. Pls what could be the issue
Contact TRMS: Email: support @ tradesystem.gov.ng or call 0708 065 1239
I tried registering on the portal but discovered that the email linked to my BVN was incorrect so I couldn’t receive OTP. I contacted my bank to rectify that but there is no change. I called no response, sent mail no response. What can I do about the email please?
Visit your bank and fill account update form.
Hi, My request for school fees payment has just been approved for disbursement and my account is funded. How long will it take to consummate the transaction?
Please how did you check your application status
Regularly login to your account to check your status
Good morning.
I initiated form A for the payment of my school fees . It was rejected with a note that the documents I uploaded were not complete and that I should attach a request letter.
Then I uploaded my letter of authority to deduct my fund that I sent to the bank after which my application was recommended for approval by the ADB Rviewer.
Since over two weeks it has not been approved by the ADB Supervisor and it just static on that stage.
Please do I need to re-apply because of the initial rejection?
CBN is battling with FX shortage. Approval isn’t immediate. It could take up three or four weeks.
hello my situation now is that it the form a fee has not been deducted and am still on the stage of ADB reviewer stage since 1 month ,my account is fully funded
Hi, I applied for pta at sterling bank 3 weeks ago and they are telling me they do not have dollar for disbursement. My flight is for next tomorrow. I canceled so as to enable me apply with another bank but cbn is yet to approve the cancellation. What do I do now please help
That’s the situation the CBN has found itself. You can check other alternatives in one of our articles.
Hello, please while applying for PTA, does money has to be in the account before it’s approved or I am only required to fund the account upon a successful application?
Your account must be funded before application.
It is over 1month now that I applied to pay my tuition fee abroad, up till now nothing has be done on my application. My account has been fully funded.
And pls what is school invoice .
Please your reply will be highly appreciated.
Thanks
Please i need to know if as a student I can apply for PTA to travel or I should choose upkeep option.
Please note that I’m a new student and will be going in the next 3-4 weeks
PTA
I have submitted my application and it is still stuck in ADB_Reviewer for over two weeks. I have been to the bank multiple times to chase this but been told it is not from the branch.
Any idea who validates this first step in the approval process? and are there any directions on approach as the branch operation manager is a bit lost on the process saying it is all done by CBN and nothing to do with the branch
Hello Dan,
The branch manager is correct. The approval is exclusively done by the CBN.
The approval could take up to five weeks or more, according to an official of the apex bank.
You just have to be patient if you want to enjoy the Form A discounted rate.
If it’s urgent, the parallel market is an alternative, but it’s expensive out there
I have filled out the FORM A and submitted it successfully for about 10 days now, yet there has been no response from the recipient. I filled out another one and successfully submitted it for about 3 days. There is still no response from the CBN. What should I do, please?
Approval could take up to 30 days, according to CBN. If you can’t wait for 30 days, use an alternative market to meet your forex needs. You can check our 6 effective alternatives to forex in case you exceeded CBN allocation
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?
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
Hello Izu,
A reliable source said there is a shortage of forex. When that happens, it may take a longer time than usual.
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
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.
Is the phone number compulsory for the trade system to work?coz my bvn info is also not bringing out my phone number
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
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
No, unless you reapply
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 ?
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.
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.
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.
…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.
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.
Opening a support ticket would be the most effective to resolve your issue. Your application may be handing for weeks
It is over two weeks now I submitted my application no email yet. I am worried
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.
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
I will suggest you reapply
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?
It is possible that your name on the BVN is your fathers name.you need to make changes on the bvn before you apply.
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
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
Please what is Letter of authority to travel in the document upload section of the tradesystem for course training organised abroad
Letter of travel permission. Kindly ask your organisation, you would be guided on how to write it.
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.
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
The problem may be from TRMS. Try again
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.
Hello John,
If it’s urgent, you may have to seek alternative means at the black market.
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.
Yes
I have successfully created a password to set up my account on the trade monitoring system. But am yet to receive the activation link in my email and it kept on referring me to the link to login. Pls what should I do?
Check your SPAM folder