CBN stops forex price verification system portal

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

The CBN made this known via a circular issued by its Acting Director of the Trade and Exchange Department, W.J. Kanya, on Wednesday, June 26, 2024.

Kanya noted that the discontinuation of the portal followed recent developments in the Nigerian foreign exchange market.

Referencing a previous circular on the deployment of the PVS dated August 17, 2023, and titled, “Go-Live of the Central Bank of Nigeria Price Verification System Portal” Kanya stated: “In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).

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“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.

“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’.”

The PVS 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, thereby ensuring fair pricing in Nigeria’s import and export activities.

The Star