The Central Bank of Nigeria (CBN) has taken a significant step towards streamlining foreign exchange (FX) processes with the introduction of a Foreign Exchange Price Verification System (PVS) portal.
The portal aims to enhance transparency and accessibility for importers seeking access to forex for their transactions.
In an official letter signed by Dr. O.S. Nnaji – Director, Trade & Exchange Department CBN addressed to all commercial banks on Thursday night, the apex bank announced that the price verification report from the PVS portal will be a mandatory requirement for all Form M requests, effective from August 31, 2023.
The Form ‘M’ serves as a declaration of intention to import physical goods into Nigeria.
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“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.”
“All authorised dealers are, hereby, advised to bring this to the attention of their customers”.
Furthermore, the CBN warned that any instances of non-compliance or infractions will be subject to appropriate sanctions.