By Richard ABANGWU InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria Thursday said it has placed a charge of N1,500.00 on the e-Form ‘M’.

This is contained in a Circular with reference number: “TED/PFO/FPC/GEN/01/002, dated March 21, 2013, and signed by W.D Gotring for Director Trade and Exchange Department.

The Circular reads thus:  “Following its deployment of the electronic Form ‘M’ on the Nigerian Single Window Trade Portal as well as the commencement of on-line submission of Form ‘M’, the Central Bank of Nigeria (CBN)  Thursday announced the introduction of a charges on e-Form ‘M’”.

The Circular was addressed to all Authorised Dealers and Service Providers.

The CBN affirms that the charge of N1, 500 would be paid for e-Forms and it will and became effective since December 6, 2012.

“Recovery of the cost of e-Form ‘M’ used by processing banks since December 6, 2012 when the e-Form ‘M’ was deployed. The cost recovery is pursuant to all e-Forms ‘M’ utilised when the pre-paid hard copy Form ‘M’ ceased to be used and direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank,” it added.

Also, the Nigeria’s Central Bank has advised Banks and Service Providers to separate the charge on the customer for the e-Form ‘M’ from other Bank charges.

(Reporting by Richard ABANGWU, Editing by Peter OBIORA)