CBN discontinues price verification system portal

The Central Bank of Nigeria (CBN) has discontinued its price verification system portal.

This confirms The Guardian report that the apex bank will likely embark on liberalisation of some of its policies in consonance with the direction of the CBN.

In a circular, ‘TED/FEM/PUB/FPC/001/020’ addressed to all authorised dealer banks and the general public and signed by the Acting director, Trade and Exchange department of the bank, Dr W.J Kanya, said the new circular repealed the one issued in 2023.

“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),” it stated.

The CBN said the directive takes effect from July, 01, 2024.

It added: “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’. Please note and be guided accordingly.”