Trade Monitoring System Website – What Nigerians Need To Know

Trade Monitoring System Website – Gone are the days of physically visiting banks to apply for foreign exchange (Forex) to pay for school fees in Nigeria.

The Live News reports that the Central Bank of Nigeria has introduced the Trade System website, which offers a more convenient approach to Forex applications.

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Why the Trade Monitoring System Website?

The Trade Monitoring System website enables individuals and corporate organizations to apply for dollars, euros, pounds, or any other currency required to make international payments. Unlike the traditional method of filling forms in banks, the website offers a more straightforward and faster approach to Forex applications.

Convenient Forex Application Process

With the Trade Monitoring System website, individuals can apply for Forex earlier, even without the complete funds in their accounts. The website logs the applicant on the queue to be debited, saving time and stress associated with traditional Forex applications.

Before You Apply or Register on tradesystem.gov.ng

To successfully apply or register on tradesystem.gov.ng, you must ensure that you have the following:

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TIN for Organizations 

As an organization, it is mandatory to have a Tax Identification Number (TIN) before registering on tradesystem.gov.ng. You can obtain your TIN by registering with the Federal Inland Revenue Service (FIRS) or any other recognized tax authority in Nigeria.

Email linked to BVN for Individuals 

If registering as an individual, ensure your email is linked to your Bank Verification Number (BVN). This will enable you to receive a One-Time Password (OTP) that will be sent to your registered email during the registration process.

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