CBN launches FX price verification system portal

The Central Bank of Nigeria (CBN) has launched a new portal called the Foreign Exchange (FX) Price Verification System (PVS), designed for importers to have access to forex.

The bank made this announcement on Thursday night from their Trade and Exchange Department.

“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),” CBN stated.

CBN said that the price verification report generated from the portal is now mandatory for all Form M requests beginning on Thursday, 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 apex bank also stated: “all applications for Form 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.”

CBN, however, urged all authorised dealers to ensure that their customers are aware of this change, noting that any case of infraction would be appropriately sanctioned.

“Please ensure compliance,” it added.

As of June 2023, the CBN 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.