The Central Bank of Nigeria (CBN) has launched a portal for Foreign Exchange (FX) Price Verification System (PVS), facilitating importers’ access to forex.
In an announcement made on Thursday evening, the nation’s top financial authority stated that starting from August 31, 2023, a price verification report sourced from the PVS portal would be obligatory for all Form M requests.
Form ‘M’ serves as an official declaration of an importer’s intention to bring physical commodities into Nigeria.
The statement detailed, “With the successful completion of the pilot phase and comprehensive training sessions conducted in collaboration with all banking institutions, the Central Bank of Nigeria officially inaugurates the Price Verification System (PVS) into full operation.”
Henceforth, every application for Form M submissions necessitates an accompanying valid price verification report, produced from the designated price verification portal.
To dispel any uncertainties, the circular firmly establishes the price verification report as an essential trade document that must be obtained prior to finalizing a Form M application.
“All authorized dealers are hereby directed to communicate this requirement to their respective clientele,” the statement affirmed.
CBN additionally cautioned that any deviations from these regulations would be met with appropriate penalties.
The bank concluded by urging exporters to ensure strict adherence to these new measures, stating, “We emphasize the significance of compliance with these directives.”
