The Central Bank of Nigeria has introduced a foreign exchange price verification system for importers to access forex. According to a statement from its Trade and Exchange Department, a price verification report from the portal is now mandatory for all Form M requests effective August 31, 2023.
The statement read, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.
“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.
“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”
The CBN has instructed authorized dealers to inform customers of any developments and warned of sanctions for any infractions.
“Please, ensure compliance,” the apex bank added.
