The Central Bank of Nigeria has announced that the foreign exchange price verification system portal used by importers will be discontinued from July 1.
It also said that the Price Verification Report will no longer be required for the completion of Form ‘M’.
The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
This was disclosed in a circular signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya posted by the CBN on its website on Wednesday.
It further stated that the decision was taken given recent developments in the Nigerian Foreign Exchange Market.
The circular titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
The CBN had announced in August 2023 that price verification from the portal would be necessary for all Form M requests beginning August 31, 2023.
The portal, launched during the tenure of former acting CBN Governor Folashodun Shonubi, is a follow-up to the e-evaluator and e-invoice introduced by the CBN in 2022 to replace hard copy final invoices in FX documentation processes, monitor goods imported into Nigeria, and enable the collection of import duties where applicable.
The circular read, “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.
