Central Bank of Nigeria Introduces Foreign Exchange Price Verification System for Importers

The Central Bank of Nigeria has unveiled a new foreign exchange price verification system tailored to facilitate importer access to forex.

The announcement was made by the Apex Bank on Thursday night through their Trade and Exchange Department.

Commencing from August 31, 2023, all individuals seeking to apply for Form M are required to utilize this innovative system to verify and confirm associated costs beforehand.

In an official statement, the Central Bank stated, “Following the successful execution of the pilot phase and comprehensive training sessions conducted in collaboration with all banking institutions, the Central Bank of Nigeria proudly announces the official launch of the Price Verification System (PVS).”

The statement further elaborated, “All submissions for Form M must be accompanied by a valid price verification report generated via the designated price verification portal. It is explicitly stated in this circular that the price verification report is now an obligatory trade document, to be obtained prior to finalizing a Form M.”

The Central Bank has also directed all authorized dealers to apprise their clientele of this procedural alteration. The directive also included a stern warning that any contravention of the stipulated regulations will be met with appropriate consequences.

The apex bank concluded by emphasizing, “We urge strict adherence to these regulations to ensure compliance.”