A method for verifying foreign exchange prices has been introduced by the Central Bank of Nigeria to provide importers access to foreign currency.
As of August 31, 2023, all Form M requests must include a price verification report from the site, according to a statement from the apex bank’s Trade and Exchange Department on Thursday evening.
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,” the apex bank added.
