CBN Introduces Foreign Exchange Price Verification System Portal

The Central Bank of Nigeria (CBN) on Thursday introduced a foreign exchange price verification system designed for importers to have access to forex.

The CBN disclosed this in a statement from its Trade and Exchange Department on Thursday night.

The apex bank disclosed that a price verification report from the portal is now mandatory for all Form M requests.

The statement read, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS).

“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”

The apex bank urged all authorised dealers to inform their customers of the development.

According to the CBN, any case of infraction would be appropriately sanctioned.