Lagos, August 18, 2023 — The Central Bank of Nigeria (CBN) has announced the implementation of a new Foreign Exchange Price Verification System, aimed at enhancing transparency and accessibility to foreign exchange (forex) for importers. This move comes as part of the apex bank’s ongoing efforts to streamline the foreign exchange process and ensure a fair and efficient allocation of forex.
In an official statement released by the CBN’s Trade and Exchange Department on Thursday night, the bank revealed that effective from August 31, 2023, all importers seeking to obtain Form M requests must provide a valid price verification report from the newly established price verification portal. The decision to make the price verification report mandatory for Form M applications stems from a successful pilot run and comprehensive training sessions conducted in collaboration with various banking institutions.
The CBN’s statement highlighted, “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 further emphasized, “All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.”
To underscore the significance of this requirement, the statement clarified that the price verification report is now an essential trade document that must be submitted prior to the completion of a Form M. The introduction of this mandatory verification process aims to ensure that the declared foreign exchange rates align with prevailing market conditions, preventing any potential manipulation or discrepancies.
In light of these changes, the CBN urged all authorized dealers to promptly communicate this development to their clientele. The apex bank also issued a stern warning that any instances of non-compliance or violations of the new regulation would be met with appropriate sanctions.
As Nigeria’s financial landscape evolves, the Central Bank of Nigeria remains committed to fostering a transparent and resilient foreign exchange environment. The implementation of the Price Verification System reflects the CBN’s dedication to enhancing economic stability, promoting fair trade practices, and facilitating efficient foreign exchange management.
For further information or inquiries, authorized dealers and stakeholders are encouraged to contact the Central Bank of Nigeria’s Trade and Exchange Department.
