CBN discontinues FX Price Verification System for importers

The Central Bank of Nigeria has stopped the Foreign Exchange Price Verification System for importers.

CBN disclosed this in a statement signed by its Acting Director of Trade and Exchange Department, W. Kanya on Wednesday.

According to the bank, importers no longer need PVS as a requirement for the completion of ‘Form M’ with effect from July 1, 2024.

“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).

“Consequently, with effect from July 01, 2024, all applications for ‘Form ‘M shall be validated without the Price Verification Report generated from the Price Verification Portal.

“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a ‘Form M’ “.

Recall that the CBN launched the PVS portal in August last year amid the foreign exchange crisis.

The development comes as the Naira closed flat at N1507.83 against the dollar on Wednesday.