CBN unveils forex price verification portal for importers

The Central Bank of Nigeria (CBN) has announced a foreign exchange (FX) Price Verification System (PVS) portal to enable importers to access forex.

The CBN made this known in a statement issued by the Director, Trade and Exchange Department, Dr O.S Nnaji, on Thursday, August 17, 2023.

Nnaji noted that a price verification report from the portal would be mandatory for all applications for Form M, effective from August 31, 2023.

The CBN official stated: “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).

“Consequently, with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid price verification report generated from the Price Verification Portal.

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“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 as any case of infraction will be appropriately sanctioned.”

The CBN had, on Monday, August 14, said it would soon come up with stringent measures to stabilise multiple exchange rate in the country.

The CBN Acting Governor, Folashodun Shonubi, who made this known after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, said this followed the negative effect on the economy by the noncompliance of operators of the forex market to the harmonisation of rates since its introduction.

Shonubi stated that President Tinubu was concerned about the negative impact of the current exchange rate by the operators, adding that the apex bank will in a few days take measures to make the operators in the exchange market comply with directives on forex trading.

The Star