According to a press release on Thursday evening, CBN has made it mandatory to present a price verification report from the portal for all Form M applications, effective August 31, 2023.
Form ‘M’ is the official declaration of intent to import physical goods into Nigeria.
“The Central Bank of Nigeria is excited to announce the official launch of the Price Verification System (PVS) after a successful pilot run and comprehensive training sessions with all partnering banks,” the statement affirms.
“All submissions for Forms M must now include a valid price verification report, generated through the price verification portal. To eliminate any ambiguity, this directive establishes the price verification report as an indispensable trading document preceding the finalization of a Form M.”
“All authorized dealers are duly informed to communicate this directive to their clientele.”
The CBN has emphasized that any breaches will be met with appropriate penalties.
“Adherence to this directive is crucial,” the institution urges exporters.
In June 2023, the CBN made headlines by unifying all sections of the foreign exchange (FX) market, denoting the conclusion of its forex market regulation.
Since then, in accordance with the government’s mandate, the local currency’s exchange rate has encountered notable instability as market dynamics dictate valuations.
The previous week, the naira dipped to a historic low of N950 against the dollar on the parallel market, rebounding to N890 in the black market FX.
This revival followed the CBN’s pledge to enact novel measures aimed at steadying the naira’s value against the dollar.
Though the role of the PVS portal in these measures remains uncertain, recent developments indicate that the Nigerian National Petroleum Corporation (NNPC) Limited secured a $3 billion emergency crude repayment loan to reinforce the naira’s stability and bring equilibrium to the FX market.
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