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The Central Bank of Nigeria (CBN) announced that it will discontinue the use of the foreign exchange price verification system portal for importers, effective July 1.
The Price Verification Report will no longer be required for the completion of a Form ‘M’, which is a declaration of intention to import physical goods into Nigeria.
The CBN shared this update in a circular on its website, citing recent developments in the Nigerian Foreign Exchange Market as the reason for this decision.
The notice, signed by W. J. Kanya, Acting Director of the Trade and Exchange Department, was addressed to all authorized dealer banks and the general public. It was titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
In August 2023, the CBN mandated price verification from the portal for all Form M requests, starting from August 31, 2023. The portal, introduced during the tenure of former acting CBN Governor Folashodun Shonubi, built upon the e-evaluator and e-invoice systems launched in 2022. These systems aimed to replace hard copy final invoices in FX documentation processes and monitor imported goods into Nigeria, facilitating the collection of import duties where applicable.
The circular 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.
“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System. 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’. Please note and be guided accordingly,” the notice concluded.
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