CBN discontinues price verification system for form ‘M’ applications

The Central Bank of Nigeria (CBN) is discontinuing the Price Verification System (PVS) for foreign exchange transactions.

The bank made this known on Wednesday in a circular signed by the Acting Director of the Trade & Exchange Department, W.J. Kanya, addressed to authorised dealer banks and the general public.

In a circular dated August 17 2023, the bank introduced the PVS, directing that everyone who wants to ask for Form M must use the system to check and confirm the cost.

Form M is required for all importers bringing goods into Nigeria with foreign currency. The form must be completed on the CBN Single Window platform.

“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,” it said at the time.

However, according to a recent circular, starting July 01, applications for Form’ M’ will no longer need validation via the Price Verification Report from the PVS.

“Given recent developments in the Nigerian Foreign Exchange Market, the CBN 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,” it said.