The Foreign Exchange (FX) price verification system (PVS) portal used by importers has been discontinued, effective July 1.
Gatekeepers News reports that this information was disclosed in a statement signed by W. J. Kanya, the Central Bank of Nigeria (CBN)’s acting director of the Trade and Exchange Department.
The statement reads: “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).
“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’.”
