The Central Bank of Nigeria (CBN) has launched a foreign exchange (forex) price verification system portal designed for importers to have access to forex. The apex bank made this known in a statement issued on Thursday, stating that it takes effect from August 31, 2023 and a price verification report from the portal is now mandatory for all Form M requests.
Form M is a declaration of intent to import physical goods into Nigeria.
The statement reads, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria (CBN) hereby announces the Go-Live of the Price Verification System (PVS).
“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 authorized dealers are hereby advised to bring this to the attention of their customers. Please ensure compliance.”
Last week, the Naira depreciated to an all-time low at N950 per dollar which resulted in the CBN announcing that it would implement new measures in order to stabilize the Naira, however, it is unclear if the PVS portal is part of the said measures.
