The Central Bank of Nigeria (CBN) announced on Wednesday that it will discontinue its Price Verification System (PVS) Portal, effective July 1, 2024. This decision is in response to recent developments in the Nigerian Foreign Exchange Market.
The announcement was made through a circular issued by W.J. Kanya, the acting director of the trade and exchange department, referencing the previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal.”
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The Price Verification System Portal was introduced by the CBN to ensure that the prices of goods and services for foreign exchange transactions were accurately verified. The system aimed to prevent over-invoicing and under-invoicing, thus ensuring fair pricing in Nigeria’s import and export activities.
With this new directive, all applications for Form ‘M’ will now be validated without the need for a Price Verification Report generated from the PVS Portal. The circular explicitly states that the Price Verification Report is no longer a requirement for completing a Form ‘M’.
This policy change aims to streamline processes for authorized dealer banks and the general public, potentially easing the procedural burden associated with foreign exchange transactions. Stakeholders in the banking and finance sectors are advised to note these changes and adjust their procedures accordingly. Further guidance and updates from the Central Bank are anticipated as the new system takes effect.
