As PTA Applications Go Online, Know the Key Steps

As PTA Applications Go Online, Know the Key Steps 

By Chuks Emele

The Central Bank of Nigeria has decided to move online all applications for foreign exchange for the so-called invisible items.

These include foreign exchange for personal and business travel as well as for paying school fees, medical bills and non-commercial exports, previously obtained by manually filling the forms A and NCX.

Such transactions are now to be initiated on the CBN’s Trade Monitoring System or TRMS Portal, according to the latest directives to banks by the regulator.

“You will only come to our branch to pick up the cash after initiating the request and obtaining approval,” First Bank said on Tuesday in an emailed reminder to customers.

Applicants are required to pay a fee of 5,000 naira for each application.