Nigeria’s Central Bank has introduced a system for verifying foreign exchange prices so importers can access the foreign exchange.
Taking effect from August 31, 2023, the apex bank will require all Form M requests to include a price verification report from its Trade and Exchange Department.
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),” 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.”
While urging all authorised dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.
“Please, ensure compliance,” the apex bank added.
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