CBN Launches foreign exchange price verification system portal

… Sets August 31 Deadline applications for Forms M to be accompanied by a valid PVR

Oru Leonard

The CBN stated that with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report.

The Central Bank of Nigeria (CBN) has launched a go-live foreign exchange price verification system portal.

This was contained in a statement titled “Go-live of the Central Bank of Nigeria Price Verification System Portal” and released by the bank’s Director of Trade and Exchange Department, Mr. O. S. Nnaji.

The CBN stated that with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal, adding that the Price Verification Report has become a mandatory trade document precedent to the completion of a Form M.

“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, with effect from August 31, 2023, 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.

“All Authorised Dealers are hereby advised to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned,” the apex bank said.

Source: Sahara Reporters