The Central Bank of Nigeria (CBN) has introduced a new foreign exchange price verification system aimed at enhancing transparency and efficiency for importers seeking access to forex. This announcement was made by the Apex Bank through its Trade and Exchange Department on Thursday night. The system is set to be implemented starting from August 31, 2023.
Under the new system, importers who wish to request Form M for forex transactions are required to utilize the Price Verification System (PVS) to verify and confirm the cost of their imports. The PVS has undergone successful pilot runs and training sessions with banks, leading to its official launch.
In a statement issued by the CBN, it was clarified that all applications for Form M must now be accompanied by a valid price verification report generated from the newly introduced price verification portal. The price verification report is now a mandatory trade document that must be submitted prior to the completion of Form M application.
The Central Bank emphasized the importance of compliance with this new requirement, stressing that the price verification report has become an integral part of the forex application process. Approved forex dealers were instructed to inform their customers about this change, ensuring widespread awareness of the new procedure.
The CBN also cautioned that failure to adhere to the price verification system could lead to appropriate punitive measures. The apex bank concluded its statement by urging all stakeholders to ensure strict compliance with the introduced measures to facilitate the seamless implementation of the Price Verification System.
With the introduction of the Price Verification System, the Central Bank of Nigeria aims to streamline the forex application process, reduce fraud, and enhance the overall transparency of the country’s foreign exchange operations.