CBN unveils Price Verification Portal for forex dealings

In a bid to sanitise the foreign exchange market, the Central Bank of Nigeria (CBN) has introduced a foreign exchange price verification system, specifically designed for importers to have access to forex.

The CBN disclosed this on Thursday night in a statement from its Trade and Exchange Department, adding that a price verification report from the portal was now mandatory for all Form M requests.

The new measure takes effect from August 31, 2023.

The statement reads: “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),” the statement reads.

Read also: Nigerian-founded dating app, Tramatch, launches beta to democratize love

“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.”

The apex bank urged all authorised dealers to inform their customers of the development, adding that the CBN would appropriately sanction any case of infraction.

“Please, ensure compliance,” the apex bank added.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now