CBN demands price verification report from importers

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Abuja, Aug. 18, 2023 – The Central Bank of Nigeria (CBN) says a price verification report will now be required from importers requesting for foreign exchange.

The apex bank said in a statement on Thursday night that price verification report from the portal would be mandatory for all Form M requests from August 31, 2023.

“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).

“All applications for Forms 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,” CBN said.

It advised authorised dealers to inform their customers of this development.

The bank also said any case of infraction would be appropriately sanctioned. (GBN)

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