The Central Bank of Nigeria said it has introduced a foreign exchange price verification system designed for importers to have access to forex.
The Apex Bank made this announcement on Thursday night from their Trade and Exchange Department.
It said that starting from August 31, 2023, everyone who wants to ask for Form M must first use this new system to check and confirm the cost.
The statement read, “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).”
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“All applications for Form 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 Central Bank also told all approved dealers to let their customers know about this change. They also mentioned that if anyone breaks the rules, they will face the right punishment.
“Please ensure compliance,” the apex bank added.