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Insight into the Trade Monitoring System (TRMS)

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The Trade Monitoring System is a digital platform launched by the Central Bank of Nigeria (CBN), for use in foreign exchange using trade forms. TRMS can be used by anyone – students, exporters, parents – the goal is to make data exchange easier across all boards.

With the TRMS, you can bypass the long queues at the bank and save several valuable hours you would have spent filling out forms for PTA (Personal travel allowance), BTA (Business Travel Allowance), foreign school fees, and so on. Now, all you have to do is log in to the official TRMS portal at www.tradesystem.gov.ng register, apply for your stuff, and have it verified in a couple of minutes. Approved by the Central Bank of Nigeria, TRMS is the one-stop digital platform for all your foreign exchange banking needs.

What does this mean for you?

If you actively engage in foreign exchange transactions, then for you, the TRMS is like a breath of fresh air. There is no need for 6 copies of the e-form NXP anymore, you boycott the stressful process of going to submit your e-form NXP to all relevant regulatory agencies, and you can apply for anything from the comfort of your home. On the TRMS portal, you can apply for:

  • Foreign school fees. On the portal, it is stated as Educational Fees.
  • Personal and Business Travel Allowance – PTA or BTA
  • Foreign medical fees
  • NXP and NCX processes

Simplifying Terminologies used in the Trade Monitoring System

1. Stakeholder/MDA

This term is used for the Nigerian Customs Service (NCS) agents, and officers in other relevant bodies that regulate importation and exportation in Nigeria. Technically, every pre-shipment inspection agent is a stakeholder.

2. ADB

ADB is used for the review of registered exporters and submitted trade forms, by authorized dealers.

3. Form A

The e-form A is the digital application form required to make payments for eligible services or invisible trade transactions. It is represented as Form A. The form may be used to buy forex at CBN or the interbank rate. All customers are required to pay NGN5,000 for each e-form A declared. You will need to get Form A when applying for:

  • Business Travel Allowance (BTA)
  • Personal Travel Allowance (PTA)
  • Foreign Medical Fees
  • Foreign school fees
  • Consulting services

4. Applicant

The applicant option in the TRMS portal is where all applications for visible and invisible trade are submitted.

5. NXP Form

Short for Nigeria Export Proceeds, NXP forms are used by exporters to process export levies, verify export proceeds repatriation, and other procedures peculiar to exporting shipments from the country. It is one of the two visible trades facilitated by the TRMS. Applying for the NXP form requires that you present your valid Tax Identification Number (TIN), and other commercial export requirements. The TIN is issued by the Federal Internal Revenue Service to all taxpayers in the country. The NXP form is required for only commercial export.

6. NCX Form

NCX is short for Non-commercial Exports. The NCX form is used to apply to export goods for which no payment is expected. Examples are goods sent out for repairs or sent back for returns, gifts and personal belongings, valuable documents and business paperwork, and other similar goods.

7. OTP

OTP is a password sent to your e-mail address during your registration, to unlock the next phase. The password can only be used once – hence, the name OTP (One Time Password).

8. Forex

Forex simply stands for foreign exchange.

9. PTA

PTA is short for Personal Travel Allowance. This option is used to apply for foreign exchange as an individual.

10. BTA

Short for Business Travel Allowance, this option is used to apply for foreign exchange on behalf of an organization’s staff. To use this option, the company must have a valid Tax Identification Number (TIN), and each staff involved must have a valid BVN (Bank Verification Number).

11. Processing Bank

A processing bank validates and processes NXP forms for exporters.

12. Designated Bank

A designated bank is where an exporter is directed for the payment of NESS levies. A single bank can serve as a processing and designated bank if directed to do so.

How to Register on the Trade Monitoring System (TRMS)

To register on the trade monitoring system, you will be required to present your BVN. Follow these steps:

  • Visit the TRMS portal at www.tradesystem.gov.ngClick on the Register icon.
  • Select Individual or Business as the case may be.
  • Input the 11 digits of your BVN as directed. Your OTP will be sent to the e-mail address linked to your BVN so ensure that it is accessible.
  • Type in your OTP as requested to be directed to the next phase where you secure your account with a password.

As soon as the registration is complete, you can apply for visible or invisible foreign trade by filling out the NCX, NXP, or e-form A.

How to Apply for Educational Fees

  • Login to your TRMS account on the portal.
  • Select Form A from the available form options.
  • Fill in your name, bank name and account name, bank address and account number, and student passport number in the designated boxes.
  • Input your bank account IBAN and swift code, and your bank swift code, as well.
  • Click on Preview and skim through your application to confirm that all uploaded details are correct and that you have filled all the required fields.
  • Tap Yes underneath the Valid for Forex question icon, and submit our application.
  • You will be notified that the application has been submitted via e-mail.
  • A corresponding response from your bank will follow suit after a short while, notifying you that your application has been approved or rejected.

If you experience any issues during the process, contact your bank for assistance.

How to Apply for BTA or PTA

  • Login to your account on the TRMS portal.
  • Select Form A from the available form options.
  • Select PTA or BTA (whichever one you are applying for).
  • Input all relevant details, and preview to confirm that all required fields have been filled correctly.
  • Click on the submit icon.
  • You will be notified of CBN’s acknowledgment via a complementary e-mail.
  • A response from your bank confirming approval or rejection will also be sent to you by mail. If approved, you will be notified of the disbursement of funds.

How to Apply for Foreign Medical Fees

  • Login to your account on the TRMS portal.
  • Select Form A
  • Pick Medical Allowance from the available Form A options.
  • This option is under Hospital services, under health-related and social services in the trade category.
  • Fill in other relevant details like your name, and so on.
  • Click on the Yes option in reply to the Valid for Forex query.
  • Preview and submit your application.
  • You will get an acknowledgment form CBN via mail soon after submission.
  • A corresponding response from your bank signaling a disbursement of funds, or a rejection, will also be sent.

Frequently Asked Questions Concerning the Trade Monitoring System

1. What is the document required to complete the NXP application?

To complete your NXP application, you will need to provide the proforma invoice you issued to your trading partner. A different proforma is needed for each new consignment.

2. Can I continue from where I stopped later if there is a break in my application process?

Yes, you can, you only need to save changes at every stage of completion.

3. How long is the NXP form valid for?

The NXP form is valid for 180 days after completion. However, your processing bank can extend the validity for up to 90 days after it expires, where necessary.

4. Can I make changes to my NXP form after submission?

You can make changes to your NXP form as long as the shipment has not taken place yet.

5. How do I follow up on my transactions on the Trade Monitoring System?

The TRMS keeps you in the loop by sending you notification e-mails for every stage of the process.

Foreign Exchange is Easier with the Trade Monitoring System

The trading monitoring system makes it possible for the Central Bank of Nigeria to track all foreign exchange transactions directly. The fact that it is a digital platform makes it a faster and more preferable alternative to the conventional method of walking to the bank. I hope you found this insightful.

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Okwanuzor

Oputa Okwanuzor is a freelance writer skilled in the art of weaving words into stories for brand boost through copywriting, or make a soothing read using creative writing. In her free time, she loves to share personal development talks, fashion inspos and writing tricks on her blog.

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