The Central Bank of Nigeria (CBN) has announced the discontinuation of its Foreign Exchange Price Verification System (PVS) portal, previously mandatory for importers when submitting Form M requests.
This decision, disclosed in a memo signed by the CBN Acting Director of Trade and Exchange Department, W. J. Kanya, on Wednesday, will take effect from July 1, 2024.
Introduced in August 2023, the PVS portal was designed to streamline and verify pricing information for imported goods, ensuring accurate valuation and combating fraudulent practices such as over-invoicing.
The memo stated: “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled ‘Price Verification System Portal’ on the deployment of the Price Verification System (PVS). Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS). Consequently, with effect from July 1, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification System.”
This change reflects the evolving dynamics of the Nigerian foreign exchange market and the CBN’s commitment to adapting its regulatory framework accordingly.
