CBN terminates FX price verification system portal for importers

The Central Bank of Nigeria has announced the termination of the foreign exchange price verification system portal that importers previously used.

On Thursday, the acting director of trade and exchange department at CBN, W. J. Kanya, revealed that price verification through the portal was made compulsory for all Form M applications back in August 2023. The Form M is a requisite document for declaring the importation of tangible goods into Nigeria.

Starting July 1, importers will no longer require the portal to validate Form M applications, as indicated in the circular dated August 17, 2023, with reference TED FEM PUB FPC 001 008.

The circular regarding the deployment of the Price Verification System (PVS) states that due to changes in the Nigerian Foreign Exchange Market, the CBN is discontinuing the Price Verification System (PVS).

Starting from July 01, 2024, all Form M applications will be processed without needing the Price Verification Report from the Price Verification Portal.

This means that the Price Verification Report is no longer necessary for completing a Form M. Additionally, to improve local currency liquidity, the central bank announced on June 25 that eligible international money transfer operators (IMTOs) can now access naira liquidity through official channels.