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The Central Bank of Nigeria (CBN) has introduced a dedicated foreign exchange price verification system portal, aiming to facilitate importers’ access to foreign currency.
In an announcement from its Trade and Exchange Department on Thursday evening, the apex bank revealed that a price verification report from this portal will be a prerequisite for all Form M requests, effective from August 31, 2023.
The statement detailed, “Following the successful conduct of the pilot run and various training sessions held with all banks, the Central Bank of Nigeria hereby announces the Go-Live of the Price Verification System (PVS).”
It continued, “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.”
While calling upon all authorized dealers to inform their clientele about this development, the CBN emphasized that any instances of non-compliance would be met with appropriate penalties.
The apex bank concluded, “We urge your strict adherence to this directive. Please, ensure compliance.”
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