The Central Bank of Nigeria (CBN) has announced the discontinuation of Price Verification System (PVS) Portal, effective July 1, 2024.
In a circular on Wednesday, issued by the Acting Director of the Trade & Exchange Department, W.J. Kanya, the apex bank explained that the decision follows recent developments in the Nigerian Foreign Exchange Market.
The Wednesday’s circular, also referenced a previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal ”.
The circular titled, ‘Discontinuation of the Central Bank of Nigeria Price Verification Portal’, stated: “We refer to the circular dated August 17, 2023 referenced TED/FEM/PUB/FPC/001/008 and titled “Go-Live Of The Central Bank Of Nigeria Price Verification System Portal” on the deployment of the Price Verification System (PVS).
“In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).
“Consequently, with effect from July 01, 2024 all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.
“For the avoidance of doubt, by this circular the Price Verification Report is no longer a requirement for the completion of a Form ‘M’.”
The PVS was introduced in August 2023 as criteria for importers to access foreign exchange. Hence the price verification report was mandatory for all Form M requests. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria and it is used to apply for forex purchase in the official forex market.
With the new directive, the CBN said all applications for Form ‘M’, will henceforth be validated without the need for a Price Verification Report generated from the PVS Portal.
According to the apex bank, the Price Verification Report is no longer a requirement for completing a Form ‘M’.
The policy change aims to streamline processes for authorised dealer banks and the general public, potentially easing the procedural burden associated with foreign exchange transactions.