The Central Bank of Nigeria (CBN) has launched a foreign exchange (FX) pricing verification system (PVS) online to allow importers to gain access to foreign currency.
According to a CBN statement issued late Thursday night, a price verification report from the platform is now required for all Form M requests beginning August 31, 2023.
Form ‘M’ is a declaration of intent to import tangible items into Nigeria.
“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”.
CBN further stated that any violation would be suitably sanctioned.
“Please, ensure compliance,” the bank told exporters.
BizWatch Nigeria recalls that the CBN announced the unification of all segments of the foreign exchange (FX) market in June 2023, indicating the end of its jurisdiction over the forex market.
