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 the portal to validate Form M applications from July 1.

“We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled Price Verification System Portal’ on the deployment of the Price Verification System (PVS),” the statement reads.

“Given 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’.”

Meanwhile, as part of efforts to enhance local currency 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.