The era of going to the bank to apply for foreign exchange (Forex) in order to pay for school fees is now going away as the Central Bank of Nigeria has introduced the Trade System website.
Why the Trade System Website?
The website enables individuals and cooperate organisations to apply for dollars, euros, pounds or any of these to pay rather than just filling the form in the bank.
This platform gives an opportunity to even apply earlier even when you do not have the completed funds in your account since it’d log you on the queue to be debited.
Things You Must Have Before You Apply or Register on tradesystem.gov.ng
- As an organization, you must have a TIN (Tax Identification Number).
- If you are registering as an individual, you must have your email linked to your BVN
How To Register on the Trade System Website
- Enter the website on your device – www.tradesystem.gov.ng
- Scroll down and click Register Now
- Choose your category (Organization or Individual)
- Enter your Tax Identification Number (TIN) (if organization) or your Bank Verification Number (BVN) (if individual)
- Choose your password
- Reconfirm password
- Click Continue. An OTP email will be sent to the registered email on your BVN.
- Retrieve the code and submit.
How To Apply for Dollars, Pounds or Euros Using the Trade System Website
Now that you have successfully completed the registration, you can now apply for your foreign exchange by entering the required information.
- Click on Login and enter the email address. An OTP will be sent to your email, copy and paste it in the box
- Click Start Application to begin your documentation.
Step by Step on How to Fill the Form A For School Fees
- Login to your dashboard
- Click Start Application
- Select Educational Fees
- Choose School fees
- Enter all necessary student and school details
- Upload necessary documents (international passport data page, provisional admission letter, school invoice, WAEC/first-degree certificate)
- Upload sponsor’s identification (if the student is paying through a sponsor)
- Enter the school fees amount (max $15,000 per semester)
- Enter the bank account number to debit
- Select preferred bank from the dropdown
You can follow up with your bank using your AF number. School fee processing may take up to 1-3 weeks
Step by Step on How to Apply for the Personal Travel Allowance (PTA) on the Trade System
- Login to your account
- Select PTA/BTA
- Enter all necessary travel details
- Upload necessary travel documents (return flight ticket, visa page, and passport data page)
- Upload the company’s letter of nomination and certificate of incorporation (in case of BTA only)
- Enter your bank account number to debit
- Select your bank from the dropdown
- Select the bank branch that you prefer to treat the transaction
What to do after submitting your Form A Online With Your Bank
You have to follow up with your bank using your A-number. To do this, you’d need to get the contact details of your account officer so (s)he can follow up with your application.
PTA/BTA processing may take 1-3 working days but due to scarcity of Forex, it takes about 60 days to be processed.
Documents to Submit on Your Form A When You Want to Contact Your Account Manager
Once you are done finishing your form, it is advisable that you follow up with your account officer or the bank personnel who is managing your account.
These documents are very important to attach on your Form A application which will be processed by your bank:
- Duly completed Form A with the tracking number
- School admission offer letter (this can be the conditional or unconditional)
- Invoice generated via Flywire as well as any other from the school with the payment guide
- Undergraduate certificate
- Letter of an authority to debit your account (this is a letter you’d write and address your bank to debit your account of the sum of money (usually in Pounds)
Meaning of The Stages on the Application Dashboard Explained
- Stage 1 – ADB_REVIEWER
This is the first stage. The reviewer carefully check for correctness of your details, verifies your account number, and confirms your uploaded documents.
Upon approval, the application is passed to the reviewer’s supervisor.
- Stage 2 – ADB_SUPERVISOR
This is the second stage. The supervisor also checks the filled details and confirms the uploaded documents.
Upon approval, a 16-digit AA-number is generated and the application is forwarded to the disbursement team to approve the disbursement of the cash/transfer.
- Stage 3 – ADB_DISBURSEMENT_REVIEWER
This is the last stage. The disbursement reviewer takes a final look at the application and approves the disbursement of the funds in cash or transfer.
A mail notification will also be sent to the applicant to this effect.
How to Successfully Cancel Form A Application and Re-Apply
When making a Form A application, it is advised that you exercise extreme caution.
This is because – once you confirm and submit your application, you will not have an opportunity to go back to make any correction.
The only change you can make to an already-submitted application is to upload additional documents. You cannot change the account number, the bank, name, address, phone number, or whatever.
However, you cannot rule out mistakes, or in other cases, the bank you chose may simply refuse to treat your application for whatever reason.
Here’s how to successfully cancel your application and re-apply:
- Tap Form A
- Go to History
- Go to the extreme right of the application
- Click the drop-down
- Click Cancel
- Enter the reason for cancelation
- Upload the supporting document (if any)
- Upload a blank document (if none)