The Central Bank of Nigeria (CBN) said on Wednesday that it will as from July 1, discontinue the Price Verification System (PVS) and Report as criteria for importers to access foreign exchange.
The directive, which was introduced during the tenure of former acting CBN Governor, Folashodun Shonubi, is a build-up on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable.
But, the Acting Director, Trade and Exchange Department, CBN, Dr. W.J Kanya, disclosed the discontinuation in a circular to banks and the general public, adding that the Price Verification Report from the portal is no longer a requirement for the completion of a Form ‘M’.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.
