The Central Bank of Nigeria has unveiled a foreign exchange price verification system designed meant to help importers to have access to forex.
The CBN revealed this in a statement from its Trade and Exchange Department on Thursday night.
It said a price verification report from the portal is now compulsory for all Form M requests while it takes effect from August 31, 2023.
The statement said, “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.
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“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.”
The apex bank authorised dealers to inform their customers of the development, while vowing sanctions for cases of infraction.
“Please, ensure compliance,” the apex bank said.