The Central Bank of Nigeria, CBN, has introduced a price verification system as prerequisite for all Form M requests by the importers to access foreign exchange.
The CBN in a statement from its Trade and Exchange Department on Thursday, said a price verification report from the portal takes effect from August 31, 2023.
“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,” the apex bank added.