The Central Bank of Nigeria (CBN) has implemented a foreign exchange pricing verification mechanism to provide importers access to foreign currency.
“The apex bank’s Trade and Exchange Department announced on Thursday that a price verification report from the portal is now required for all Form M requests beginning August 31, 2023, the statement reads”.
“Following the successful conduct of the pilot run and various trainings held with all banks, the CBN hereby announces the Go-Live of the Price Verification System (PVS),” the announcement said.
“All Form M applications must be accompanied by a valid price verification report generated by 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 advising all authorized dealers to notify their consumers of the development, the CBN further stated that any violations would be promptly sanctioned.
“Please ensure compliance,” the apex bank stated.
