The Central Bank of Nigeria has unveiled a novel foreign exchange price validation mechanism intended to facilitate importers’ access to forex.
This development was officially disclosed by the Apex Bank on Thursday evening via their Trade and Exchange Department.
Commencing from August 31, 2023, individuals seeking a Form M will be required to utilize this innovative system to verify and validate associated costs.
Nigeria Apex Bank Unveils Portal for Forex Price verification
The Central Bank of Nigeria (CBN) has unveiled the Foreign Exchange (FX) Price Verification System (PVS), with the aim of facilitating access to forex by importers. The apex bank made the disclosure announcement on Thursday night from their Trade and Exchange Department.
The Central Bank’s statement elucidated, “In the wake of the successful trial period and comprehensive training sessions conducted across all banking institutions, the Central Bank of Nigeria is pleased to declare the operational launch of the Price Verification System (PVS).”
The announcement further explicated that “Each application for a Form M must be accompanied by an authentic price verification report generated through the dedicated price verification portal.
It is hereby reiterated that the price verification report now stands as an obligatory trading document prior to finalizing a Form M.”
Moreover, the CBN has directed all authorized dealers to apprise their clientele of this transformative modification.
Stringent actions will be taken against any transgressions, as the Apex Bank has underscored the importance of adhering to these new guidelines, stating, “Full compliance is imperative,” while emphasizing the prescribed consequences for non-compliance.