Money Market
CBN stops FX price verification system portal for importers
The Central Bank of Nigeria (CBN) says the foreign exchange
(FX) price verification system (PVS) portal used by importers has been
discontinued.
The CBN disclosed this in a statement on Thursday signed W.
J. Kanya, its acting director of trade and exchange department.
In August 2023, the CBN had said price verification from the
portal was mandatory for all Form M requests.
The Form M is a document used to declare the intention to
import physical goods into Nigeria.
According to the statement, importers would no longer need
“We refer to the circular dated August 17, 2023, referenced
“Given recent developments in the Nigerian Foreign Exchange
“Consequently, with
“For the avoidance of doubt, by this circular, the Price
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the portal to validate Form M applications from July 1.
TED/FEM/PUB/FPC/001/008 and titled Price Verification System Portal’ on the
deployment of the Price Verification System (PVS),” the statement reads.
Market, the CBN hereby discontinues the Price Verification System (PVS).
effect from July 01, 2024, all applications for Form ‘M’ shall be validated
without the Price Verification Report generated from the Price Verification
Portal.
Verification Report is no longer a requirement for the completion of a Form
‘M’.”
liquidity, the apex bank, on June 25, said measures have been implemented to
allow eligible international money transfer operators (IMTOs) access to naira
liquidity at the official window.
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