By John Ikani
The Central Bank of Nigeria (CBN) has rolled out a new foreign exchange (FX) price verification system (PVS) portal, aiming to facilitate importer access to forex.
According to a statement released on Thursday evening, the CBN has declared that a price verification report sourced from the portal will be obligatory for all Form M requests, starting from August 31, 2023.
Form ‘M’ is the official declaration of intention to import tangible goods into Nigeria.
The statement affirms, “After a successful pilot run and comprehensive training sessions conducted with all banks, the Central Bank of Nigeria is pleased to announce the official launch of the Price Verification System (PVS).
“All applications for Forms M must now include an authentic price verification report generated through the price verification portal.
“To eliminate any confusion, this circular confirms that the price verification report is now a compulsory trade document that must be obtained before finalizing a Form M application.
“All authorized dealers are hereby directed to inform their clientele of this development.”
The CBN has also emphasized that any breaches will be dealt with in accordance with appropriate sanctions.
“We urge strict adherence,” the bank encouraged exporters.
Back in June 2023, the CBN declared the unification of all segments within the foreign exchange (FX) market, effectively ending its control over the forex market.
Following this decision, in line with directives from the federal government, the exchange rate of the local currency has undergone considerable volatility as market dynamics dictate pricing.
Just last week, the naira experienced an unprecedented drop to N950 against the dollar in the parallel market, before making a recovery to N890 on the black market of the FX trade.
This rebound followed the CBN’s announcement of impending measures designed to stabilize the naira against the dollar.
While it remains uncertain whether the PVS portal forms part of these measures, recent events revealed that the Nigerian National Petroleum Corporation (NNPC) Limited procured a $3 billion emergency crude repayment loan to bolster the naira and bring stability to the FX market.