Business & Economy

FOREX: CBN to conduct international price checks


With dwindling foreign reserves, the Central Bank of Nigeria (CBN) on Monday announced that it will henceforth conduct price checks, before approving form M on foreign exchange demands.

In a circular addressed to authorised foreign exchange dealers titled: ‘General public destination payment for all forms M, letters of credit and other forms of payment’, CBN says it is in line with international best practices.

In line with best practices around the world, the CBN will be immediately introducing a product price verification mechanism, to forestall over-pricing and/or mispricing of goods and services imported into the country.

Also, in the circular signed by Director, Trade and Exchange Department, Dr O.S Nnaji authorised dealers are directed to desist from opening of forms M whose payment is routed through a buying company/agent or any other third- parties.

The measure is part of continued efforts by the Central Bank of Nigeria, to ensure prudent use of our foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumers.

Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
Mike Ojo

Recruitment: IG suspends entry requirements for candidates

Previous article

Messi demands to leave Barcelona immediately

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.