The Central Bank of Nigeria (CBN) has discontinued its Price Verification System (PVS) portal just ten months after its launch.
The announcement,l was made in a circular from the CBN, signed by Dr W. J. Kanya, acting Director of Trade & Exchange.
The PVS was introduced on August 17, 2023, to enhance transparency, accountability, and standardisation in trade operations across Nigeria.
It mandated that all applications for Form M, a key document required for import transactions, include a Price Verification Report generated exclusively from the PVS portal.
However, the CBN said it was discontinuing it because of recent developments in the Nigerian Foreign Exchange Market.
The circular states that effective July 1, 2024, all applications for Form M will be validated without the need for a Price Verification Report from the PVS portal.
The circular read: “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled ‘GO-LIVE OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL’ on the deployment of the Price Verification System (PVS). In view of 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’.”
