CBN Introduces Foreign Exchange Price Verification System Portal

The Central Bank of Nigeria (CBN) on Thursday introduced a foreign exchange price verification system designed for importers to have access to forex.

Naija News reports that the CBN disclosed this in a statement from its Trade and Exchange Department on Thursday night.

The apex bank disclosed that a price verification report from the portal is now mandatory for all Form M requests.

According to the Central Bank, the price verification portal takes effect from August 31, 2023.

The statement read, “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).

“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.”

The apex bank urged all authorised dealers to inform their customers of the development.

According to the CBN, any case of infraction would be appropriately sanctioned.