CBN Introduces New System Price Portal For Importers

Post created on 1:26 pm

The Central Bank of Nigeria, CBN, has introduced a foreign exchange price verification system (PVS) portal which will give easy access to importers to access forex.

The statement was released by the CBN on Thursday night and it is now mandatory for price verification from the portal for all Form M requests.

Form M is a declaration of intention to import physical goods into Nigeria and it takes effect from August 31.

The apex bank also urged exporters to comply because any case of infraction would be sanctioned.

The statement reads “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).

“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 madatory trade document precedent to the completion of the Form M.

“All authorised dealers are, hereby, advised to bring this to the attention of their customers.”

[SA]