CBN Forex Form A (Nigeria)

A CBN Forex Form A in Nigeria organises the details a party must supply for the purpose it serves.

Nigeria operates a managed foreign exchange market regulated by the Central Bank of Nigeria (CBN) under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMMA). Under Section 15 of FEMMA, all foreign exchange transactions in Nigeria must go through the CBN-regulated foreign exchange market, and Authorised Dealers (commercial banks and merchant banks licensed by the CBN under the Banks and Other Financial Institutions Act 2020 (BOFIA 2020) to deal in foreign exchange) are the primary access points for individuals and businesses seeking forex.

Form A is distinct from Form M, which applies to the importation of goods. Form A covers the invisible side of the current account: education fees, medical treatment, travel allowances, royalties, dividends, and other service payments. The completion of Form A is a prerequisite for an Authorised Dealer to sell foreign exchange to the applicant for the stated purpose.

The CBN's Trade and Exchange Department (TED) uses data from Form A submissions to monitor Nigeria's invisible trade flows, assess foreign exchange demand, and manage the country's foreign exchange reserves. Nigeria's foreign exchange market underwent significant reforms from June 2023, when the CBN unified multiple exchange rate windows into a single Investors and Exporters (I&E) window market rate under CBN Governor Olayemi Cardoso, pursuant to CBN Circular TED/FEM/PUB/FPC/001/004.

The Federal Inland Revenue Service (FIRS) requires a Tax Clearance Certificate for dividend remittances, confirming that withholding tax at 10% under the Companies Income Tax Act (CITA) Cap C21 LFN 2004 has been deducted and remitted. For royalty payments, prior approval from the CBN's TED is required under the Technology Transfer Regulations. The Nigerian Investment Promotion Commission (NIPC) Certificate of Capital Importation (CCI) issued by the Authorised Dealer bank at the time of the original investment must be produced for dividend repatriation under the NIPC Act Cap N117 LFN 2004. The Economic and Financial Crimes Commission (EFCC) under the EFCC (Establishment) Act 2004 prosecutes forex fraud before the Federal High Court, which has exclusive jurisdiction over FEMMA offences under Section 251 of the Constitution of the Federal Republic of Nigeria 1999 (as amended). The Nigeria Data Protection Act 2023 (NDPA), administered by the Nigeria Data Protection Commission (NDPC), governs personal data submitted on Form A. Forms-legal.com provides this template as a starting point for Nigeria-compliant forex documentation. The Supreme Court of Nigeria is the apex court for all civil forex disputes.

CBN Form A in Nigeria is required in the following circumstances.

When a Nigerian resident or company wishes to purchase foreign exchange through an Authorised Dealer bank to pay tuition fees, accommodation fees, or other educational expenses to a foreign university, college, or school outside Nigeria. The Authorised Dealer requires Form A plus supporting documents including the institution's admission letter and fee schedule. Section 15 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMMA) mandates that all such payments be channelled through an Authorised Dealer.

When a Nigerian resident seeks forex for medical treatment abroad — for example, for procedures in India, the United Kingdom, Germany, or the United States — Form A and a letter of invitation from the treating hospital or clinic are required by the Authorised Dealer under the CBN Foreign Exchange Manual 2006.

When an individual seeks to access the Personal Travel Allowance (PTA) of up to USD 4,000 per quarter for personal foreign travel, or the Business Travel Allowance (BTA) of up to USD 5,000 per quarter for a business trip, as prescribed by CBN Circular TED/FEM/PUB/FPC/001/004.

When a Nigerian company pays royalties, franchise fees, technical service fees, or management fees to a foreign parent company or licensor, Form A is required for the forex purchase from the Authorised Dealer, along with prior Technology Transfer approval from the CBN's Trade and Exchange Department (TED) under the Technology Transfer Regulations and the CBN Act 2007.

When a Nigerian company pays dividends or profit remittances to foreign shareholders, the CBN's Certificate of Capital Importation (CCI) process and Form A documentation apply, along with the Federal Inland Revenue Service (FIRS) Tax Clearance Certificate confirming that withholding tax on dividends at 10% under Section 81 of the Companies Income Tax Act (CITA) Cap C21 LFN 2004 has been deducted and remitted via Remita. The Nigerian Investment Promotion Commission (NIPC) Act Cap N117 LFN 2004 underpins the capital repatriation rights of foreign investors. The Economic and Financial Crimes Commission (EFCC) under the EFCC (Establishment) Act 2004 has prosecution powers for FEMMA violations, with the Federal High Court having exclusive jurisdiction under Section 251 of the Constitution of the Federal Republic of Nigeria 1999. The Nigeria Data Protection Act 2023 (NDPA) and the Nigeria Data Protection Commission (NDPC) govern personal data processed during Form A applications.

A complete CBN Form A submission should contain the following elements.

Applicant details: Full legal name, address, phone number, Tax Identification Number (TIN) issued by the Federal Inland Revenue Service (FIRS) under the Tax Identification Number Decree Cap T1 LFN 2004, and Bank Verification Number (BVN) under CBN Circular BSD/DIR/GEN/LAB/14/012. For companies, the RC Number under CAMA 2020 and registered address.

Authorised Dealer details: Name, branch, and CBN licence number of the Authorised Dealer bank through which the forex purchase is being made under Section 15 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMMA).

Transaction category: The specific eligible invisible transaction category — school fees, medical, Personal Travel Allowance (PTA), Business Travel Allowance (BTA), royalties, management fees, dividends — as specified under the CBN Foreign Exchange Manual 2006 and CBN Circular TED/FEM/FPC/GEN/01/010.

Beneficiary details: Full name and address of the foreign beneficiary receiving the payment (foreign university, hospital, parent company, licensor, etc.).

Amount and currency: The amount of foreign exchange required and the currency (USD, GBP, EUR), noting PTA limits of USD 4,000 per quarter and BTA limits of USD 5,000 per quarter under CBN Circular TED/FEM/PUB/FPC/001/004.

Supporting documents: For school fees — admission letter and fee schedule. For medical — hospital invitation letter and treatment cost estimate. For PTA/BTA — valid international passport with visa and flight booking. For royalties — copy of the underlying licence or franchise agreement and CBN Technology Transfer approval under the Technology Transfer Regulations.

Declaration: Applicant's declaration that the information is accurate and forex will be used solely for the stated purpose. Misuse is an offence under Section 16 of FEMMA, with prosecution by the Economic and Financial Crimes Commission (EFCC) under the EFCC (Establishment) Act 2004 before the Federal High Court under Section 251 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

Authorised Dealer certification: The Authorised Dealer bank's counter-signature confirming verification of eligibility and documentation.

FIRS Tax Clearance Certificate: For dividend remittances, the FIRS Tax Clearance Certificate confirming withholding tax at 10% under Section 81 of the Companies Income Tax Act (CITA) Cap C21 LFN 2004 has been deducted and remitted via Remita.

Certificate of Capital Importation (CCI): For dividend and profit remittances, the CCI issued under the Nigerian Investment Promotion Commission (NIPC) Act Cap N117 LFN 2004 and Section 24 of FEMMA, confirming the original investment was channelled through the official forex market.

Data protection: Personal data on Form A must be processed in compliance with the Nigeria Data Protection Act 2023 (NDPA) under Section 25, administered by the Nigeria Data Protection Commission (NDPC). Forms-legal.com provides this template as a starting point for Nigeria-compliant forex documentation. The Supreme Court of Nigeria is the apex court for FEMMA civil disputes.