CBN introduces Price Verification System for Forex

Alade Abayomi ADeleke
Alade Abayomi ADeleke
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By Wilson Adekumola


The Central Bank of Nigeria has commenced the Price Verification System Portal, as requisite for Form ‘M’ application.


Special Adviser on Digital Media to President Bola Ahmed Tinubu, Dada Olusegun made this known on Thursday night in his official X, formerly Twitter handle.


He quoted a notice directed to all banks by the CBN director, Trade and Exchange Department, Dr O.S Nnaji.


Meanwhile, CBN explained that from August 31, all applications for Form ‘M’, which is the declaration of intention to import goods into Nigeria, shall be accompanied by a valid Price Verification report from the PVS portal.


The PVS help the apex bank to differentiate those who genuinely need forex and halt the crisis in the sector.


“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).


“Consequently, from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal.


“To avoid doubt, by this circular, the Price Verification Report has become a mandatory trade document precedent to completing a Form ‘M’.


“All Authorised Dealers are hereby advised to bring this to the attention of their customers, as any case of infraction will be appropriately sanctioned. Please ensure compliance”, the letter reads.


The development comes days after the Acting CBN governor, Folashodun Shonubi, threatened to sanction forex speculators.

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