The Central Bank of Nigeria (CBN) has launched a foreign exchange (FX) pricing verification system (PVS) webpage to make it easier for importers to get foreign currency
As of August 31, 2023, all Form M requests must now include a price verification report from the portal, according to a statement released by the apex bank on Thursday evening.
Form ‘M’ declares the intention to import physical goods 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 authorized dealers are, hereby, advised to bring this to the attention of their customers”.
CBN also said any case of infraction would be appropriately sanctioned.
“Please, ensure compliance,” the bank urged exporters.
