To enable importers to access forex, the Central Bank of Nigeria (CBN) has launched a foreign exchange (FX) pricing verification system (PVS) online. According to a statement issued by the apex bank on Thursday night, a pricing verification report from the portal is now required for all Form M requests beginning August 31, 2023.
Form ‘M’ is a statement of intent to import physical items into Nigeria.
“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.
“All authorized dealers are, hereby, advised to bring this to the attention of their customers. Please, ensure compliance,” the bank urged exporters.
CBN also said any case of infraction would be appropriately sanctioned.
Comments