The Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex.
The directive was contained in a statement signed by O.S. Nnaji, Director, Trade & Exchange Department, CBN.
According to the statement, a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023.
“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.
The apex bank noted that “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 authorised dealers are, hereby, advised to bring this to the attention of their customers”.
The CBN also noted that "any case of infraction will be appropriately dealt with."
This new directive comes days after the Acting CBN governor, Folashodun Shonubi, threatened to sanction forex speculators.
