CBN Discontinues Price Verification System For ‘Form M’

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The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) Portal, effective July 1, 2024.

In a circular on Wednesday, it said the decision follows recent developments in the Nigerian Foreign Exchange Market.

According to the circular issued by the Acting Director of the Trade & Exchange Department, W.J. Kanya, it also referenced a previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal ”.

The Price Verification System Portal is an online platform introduced by the CBN to ensure that the prices of goods and services for foreign exchange transactions were accurately verified. It aimed to prevent over-invoicing and under-invoicing, thus ensuring fair pricing in Nigeria’s import and export activities.

With the new directive, the ape bank said all applications for Form ‘M’, will now be validated without the need for a Price Verification Report generated from the PVS Portal.

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The circular also noted that the Price Verification Report is no longer a requirement for completing a Form ‘M’.

The policy change aims to streamline processes for authorised dealer banks and the general public, potentially easing the procedural burden associated with foreign exchange transactions.

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