Importers now have access to foreign currency thanks to the Central Bank of Nigeria’s (CBN) introduction of the foreign exchange (FX) pricing verification system (PVS) portal.
A price verification report from the portal will now be required for all Form M requests starting on August 31, 2023, according to a statement released by the CBN on Thursday night.
A declaration of intent to import tangible items into Nigeria is made on the Form “M.”
The statement read, “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.
“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.”
While urging all authorised dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.
“Please, ensure compliance.”
