The Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex.
The CBN, in a statement signed by its Director Trade and Exchange Department Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023.
Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria. It has a validity period of 180 days for general merchandise and 365 days for plant and machinery, extendable upon application.
The statement read in full:
“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 as any case of infraction will be appropriately sanctioned.
“Please ensure compliance,” the circular concludes.
Recall that the CBN as of June 2023, enacted a unification of all sectors of the foreign exchange (FX) market, signifying the conclusion of its direct control over the forex market.
Following the transition, the local currency’s exchange rate has exhibited notable volatility as market forces assert their influence on pricing.
