Trade Monitoring System Application Submission Guide

Trade Monitoring System – The Central Bank of Nigeria (CBN) has implemented an automated system to simplify the process of obtaining foreign exchange (fx) for Nigerians traveling or trading abroad. The introduction of the Trade Monitoring System (TMS) Portal marks a significant shift towards digitalization and efficiency. This article will guide you through the registration and application process on the TMS Portal, and answer common questions about the requirements and procedures involved.

Understanding the Trade Monitoring System Portal

The Trade Monitoring System (TMS) Portal is an online platform designed to facilitate the sale of foreign exchange currencies, particularly the Great Britain Pounds (GBP), US Dollar (USD), and Euro (EUR). It replaces the previous manual form-filling process and offers a streamlined and transparent approach to managing fx transactions. Whether you need to pay school fees abroad, apply for Personal and Business Travel Allowance (PTA/BTA), Nigeria Exports Proceeds Form (NXP), or Non-Commercial Exports (NCX), the TMS Portal is your go-to resource.

Step-by-Step Guide to Using the TMS Portal

To utilize the TMS Portal for various fx transactions, follow these steps:

Step 1: Gather the Required Information
As an organization, ensure you have a Tax Identification Number (TIN). If you are registering as an individual, ensure your email is linked to your Bank Verification Number (BVN).

Step 2: Access the TMS Portal
Visit the official website of the TMS Portal at www.tradesystem.gov.ng.

Step 3: Registration
Scroll down on the website and click on the “Register Now” button. Choose your category (Organization or Individual), enter your TIN (for organizations) or BVN (for individuals), choose and confirm your password, and click “Continue.”

Step 4: OTP Email Verification
An OTP (One-Time Password) will be sent to the email registered with your BVN. Retrieve the code from your email and submit it on the TMS Portal to verify your account.

Step 5: Application Process Flow/Stages
The application process on the TMS Portal involves three stages:

• Stage 1: ADB_REVIEWER – The reviewer checks the accuracy of your details, verifies your account number, and confirms the uploaded documents. Once approved, the application moves to the supervisor.
• Stage 2: ADB_SUPERVISOR – The supervisor reviews the application, confirms the details, and approves the disbursement of funds. A 16-digit AA-number is generated, and the application is forwarded to the disbursement team.
• Stage 3: ADB_DISBURSEMENT_REVIEWER – The disbursement reviewer performs a final check and approves the disbursement of funds, either in cash or through a transfer. An email notification is sent to the applicant.

Applying for Specific Purposes on Trade Management Portal

PTA/BTA Application on TMS:

• Login to the TMS Portal (www.tradesystem.gov.ng.) and click “Start Application.”
• Select PTA/BTA and enter the necessary travel details.
• Upload required travel documents (return flight ticket, visa page, and international passport data page).
• Upload the company’s letter of nomination and certificate of incorporation (for BTA).
• Enter your bank account number for debiting.
• Select your preferred bank branch for processing.
• Submit your application.

School Fees Payment Application on TMS:

• Login to the TMS Portal (www.tradesystem.gov.ng.) and click “Start Application.”
• Select Educational Fees and choose School fees.
• Enter the necessary student and school details.
• Upload required documents (international passport data page, provisional admission letter, school invoice, and WAEC/first-degree certificate).
• Upload sponsor’s identification (if applicable).
• Enter the school fees amount (maximum of $15,000 per semester).
• Enter the bank account number for debiting.
• Select your preferred bank branch.
• Submit your application.

Upkeep Application on TMS:

• Login to the TMS Portal (www.tradesystem.gov.ng.) and click “Start Application.”
• Select Educational Fees and choose Upkeep.
• Enter the necessary student details.
• Upload required documents (student’s international passport data page, student account details, provisional admission letter, WAEC/first-degree certificate, sponsor’s identification, and sponsor’s letter of authority to debit).
• Enter the upkeep amount (maximum of $3,000 per semester).
• Enter the bank account number for debiting.
• Select your preferred bank branch.
• Submit your application.

Medical Bills Payment Application on TMS:

• Login to the TMS Portal (www.tradesystem.gov.ng.) and click “Start Application.”
• Select Medical Allowance and enter the necessary details.
• Upload required documents (return flight ticket, visa, international passport data page, and specialist’s letter of recommendation for treatment).
• Attach sponsor’s authority to debit (if applicable).
• Enter the bank account number for debiting.
• Select your preferred bank branch.
• Submit your application.

Canceling and Reapplying for Form A Application on TMS

In case you need to cancel a Form A application and reapply, follow these steps:

• Login to the TMS Portal (www.tradesystem.gov.ng.) and tap on Form A.
• Go to the “History” section.
• Locate the application you wish to cancel and click the dropdown button.
• Select “Cancel” and provide the reason for cancellation.
• Upload supporting documents if necessary.
• Submit the cancellation request.

Important Considerations:

• Once an application is submitted, you cannot make any changes except for uploading additional documents.
• Cancelling an application before initial approval by the bank requires approval from the chosen bank.
• Cancelling an application after receiving a form ‘AA’ number requires approval from the CBN TED.
• Attach a cancellation request letter and supporting documents, if required, when applying for cancellation.

Remember to communicate with your bank using the AF-number provided for follow-up on the status of your application.

Trade Monitoring System Portal FAQs

Q: What is the Trade Monitoring System (TMS) Portal?

A: The Trade Monitoring System (TMS) Portal is an online platform established by the Central Bank of Nigeria (CBN) to facilitate the sale of foreign exchange (fx) to Nigerians for specific purposes such as travel, education, and trade.

Q: Why was the TMS Portal introduced?

A: The TMS Portal was introduced to streamline the process of obtaining foreign exchange by replacing the previous manual form-filling system with a more efficient and automated online platform.

Q: What transactions can be carried out on the TMS Portal?

A: The TMS Portal allows for various fx transactions, including Personal and Business Travel Allowance (PTA/BTA), payment of school fees abroad, Nigeria Exports Proceeds Form (NXP), and Non-Commercial Exports (NCX).

Q: What are the requirements for using the TMS Portal?

A: As an organization, you need to have a Tax Identification Number (TIN). For individuals, it is necessary to have an email linked to your Bank Verification Number (BVN).

Q: How do I register on the TMS Portal?

A: To register on the TMS Portal, visit the website at www.tradesystem.gov.ng, choose your category (Organization or Individual), enter the required details (TIN or BVN), set a password, and complete the registration process.

Q: How long does it take for applications to be processed?

A: Processing times may vary depending on the type of application. PTA/BTA applications typically take 1-3 working days, while school fees processing may take up to 1-3 weeks.

Q: Can I cancel and reapply for a Form A application?

A: Yes, you can cancel a Form A application if needed. However, note that once an application is submitted, you can only upload additional documents and cannot make changes to other details. Cancelling a Form A application requires approval from the processing bank or the CBN TED, depending on the stage of the application.

Q: What should I do if I need to cancel a Form A application

A: To cancel a Form A application, log in to the TMS Portal, go to the Form A section, locate the application, click on the dropdown button, select “Cancel,” provide the reason for cancellation, and submit the cancellation request. Supporting documents may be required, depending on the bank’s requirements.

Q: How can I follow up on the status of my application?

A: You can follow up with your bank using the AF-number provided during the application process. Contact your bank’s customer service or visit the nearest branch for assistance.

Q: Are there any limitations on the amount of foreign exchange that can be obtained?

A: Yes, there are limits on the amount of foreign exchange that can be obtained for specific purposes. For example, school fees payments have a maximum limit of $15,000 per semester, while upkeep has a maximum limit of $3,000 per semester.

Remember to refer to the specific guidelines and requirements provided by the TMS Portal for accurate and up-to-date information on the transactions you wish to carry out.

The Trade Monitoring System (TMS) Portal is an invaluable resource for Nigerians seeking foreign exchange for specific purposes. By embracing this digital platform, individuals and organizations can enjoy a simplified and efficient process for obtaining fx, ensuring timely transactions and access to affordable currencies. Embrace the convenience and transparency of the TMS Portal to navigate your foreign exchange transactions with ease.