The Standard Chartered Bank in Nigeria has updated its clients on the requirements for the successful processing of Forms A and Q in the country.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade) that allow customers to make payments for services such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, PTA and BTA, among others.
On the other hand, Form Q is designed for small scale importers in the Small scale business enterprise for importation of physical goods. Designed for small scale importers in the Small-scale business enterprise, the form enables importers to access the sum of $20,000.00 per quarter in a year for import of physical goods.
The Bank had written its clients on Monday:
Dear Client,
Following our earlier communication on changes in processing of FORM A and FORM Q applications, find below, guidelines to follow while submitting your application.
FORM A
Submit all FORM A applications (International tuition payment, Student Upkeep, PTA, BTA, PHR, Medical bill payment and other categories of FORM A) through the CBN Trade monitoring system and upload all the supporting documents including your 3 years tax clearance certificate.
Upon submission of your application on the trade portal, kindly visit our website at https://av.sc.com/ng/content/docs/ng-bond-fxdaily-prices.pdf for the daily indicative rate.
Fund your account to the equivalent of the foreign exchange amount requested.
Send an email to [email protected] with your application reference number as the subject. In the email, kindly state the bid rate for your submitted application which should be quoted in dollars. For application in currencies other than USD, the final exchange rate will be arrived at the point foreign exchange purchase from the I & E window.
We will review your application and recommend it for approval if all supporting documents including the three-year tax clearance certificate have been uploaded. Please be aware that applications with deficiencies or insufficiently funded account will be rejected.
You can change your bid rate by sending us a revised bid rate to [email protected] using your application reference number as the subject of the email.
Where there is a delay in purchasing foreign exchange and you need to cancel the application. Kindly login to the trade portal and select the “cancel” option. Additionally, please send us an email to approve the cancellation on the trade portal.
We would proceed to approve and process your application once we are able to purchase foreign exchange at a rate equal or lower than your bid rate at the I&E window.
FORM Q
Submit your FORM Q application to the branch and please attach all required documentations.
If you have a Sole proprietorship account, please note that your 3 years tax clearance certificate is required.
Indicate your bid rate on the FORM Q application letter.
Fund your account to the equivalent amount of the foreign exchange requested.
You can revise your bid rate by submitting a new application letter indicating your new bid rate.
We will proceed with your application once we are able to purchase FX at a rate equal or lower than your bid rate at the I & E window.
