The Central Bank of Nigeria CBN has introduced a foreign exchange price verification system for importers to have easy access to forex.
The apex bank in a statement by its Trade and Exchange Department stated that the system is designed to ensure that a price verification report from the portal is now mandatory for all Form M requests.
The CBN urged all authorised dealers to inform their customers of the new development.
The apex bank also warned that any case of infraction would be sanctioned.
The statement reads in part, “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.
“Please, ensure compliance.”
The FOREX Price Verification System takes effect from August 31, 2023.
