CBN unveils Price Verification Portal for forex dealings

In a bid to sanitise the foreign exchange market, the Central Bank of Nigeria (CBN) has introduced a foreign exchange price verification system, specifically designed for importers to have access to forex.

The CBN disclosed this on Thursday night in a statement from its Trade and Exchange Department, adding that a price verification report from the portal was now mandatory for all Form M requests.

The new measure takes effect from August 31, 2023.

The statement reads: “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.”

The apex bank urged all authorised dealers to inform their customers of the development, adding that the CBN would appropriately sanction any case of infraction.

“Please, ensure compliance,” the apex bank added.

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