What Does Naira Float Mean For Form A Applicants?

Last updated on June 23rd, 2023 at 02:09 pm


The announcement of the Central Bank of Nigeria (CBN) on Wednesday, June 14, 2023, is good and bad news for Form A applicants, especially Nigerian students seeking to pay fees abroad.

Let’s talk about the bad news: before the floating of naira, form A applicants got an official rate of 463.38/USD for their forex needs. Beginning from June 30, 2023, following the scrapping of multiple exchange rates, they will now pay NGN755/USD or depending on the prevailing market rate. The rate will now be at the going rate at the Investors & Exporters window.


What happens to Trade Monitoring System?

The trade monitoring system or TRMS was a portal designed by the CBN for PTA, BTA, and foreign medicals to submit their applications for forex.

The CBN is likely to shut down the trade monitoring system portal because the apex bank has now directed applications for forex to direct applications to their preferred banks.

Naira float benefits for Form A Applicants

This means that if you’re seeking to pay fees abroad, you no longer have to wait for CBN for your request to be granted, your application can be approved by your bank within 48 hours.

Unlike before when Nigeria’s apex bank dictated the price, market forces (demand and supply) will now determine the price.

Also Read:  British Pound Sells for NGN745/£1 At Parallel Market Wednesday, December 15, 2021

The militarized style by the Meffy-led CBN is gone

Form A is now liberalised as banks are now in charge to sell FX to Form A applicants

Above all, access to forex will now be easier for students seeking to pay fees abroad.

The only downside of the new policy regime for Form A applicants is that they will be paying more to access the forex.


  • InfomediaNG

    Infomediang Team comprises a group of researchers, data analysts, financial experts, and enthusiasts, whose passion lies in empowering people to make informed decisions about their investments, cryptocurrency holdings, and overall financial health. We are committed to providing readers with accurate, reliable, unbiased, and actionable information on a diverse array of subjects, including investment, finance, the economy, cryptocurrency, travel, and government agencies. Available @Infomedia_NG on X


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