The Central Bank of Nigeria has launched a new system for verifying foreign exchange prices, primarily for importers seeking forex access.
The top-tier bank, in a statement from its Trade and Exchange Department, mentioned that starting from August 31, 2023, a verification report from this system will be essential for all Form M applications.
According to the statement, “After a successful pilot and multiple training sessions with banks, the Central Bank of Nigeria is pleased to announce the official launch of the Price Verification System (PVS). All Form M submissions must now include a valid price verification report from the designated portal.”
It further clarified, “It’s imperative to note that the price verification report is now a requisite document for finalizing a Form M.”
The bank encouraged all authorized dealers to notify their clients about this new protocol. Any breach of this guideline will face appropriate penalties. The bank concluded, “Ensure adherence to this directive.”
