Abuja, June 27, 2024 – The Central Bank of Nigeria (CBN) is to suspend its Foreign Exchange Price Verification System (PVS) portal with effective from July 1.
According to a circular issued to this effect on Wednesday, the apex bank said it was suspending the portal after 10 months of its operation.
The portal was designed to curb over-invoicing and under-invoicing in international trade transactions.
Under the system, importers were required to submit a Price Verification Report generated by the portal as part of their Form M application, a declaration for importing physical goods.
The circular reads: “Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System. 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.” (GBN)
