Economy
CBN Ends Form M Verification System
The Central Bank of Nigeria (CBN) has announced the suspension of its FX Price Verification System (PVS) portal, effective July 1. This decision comes 10 months after the portal’s introduction in August last year.
The PVS portal was implemented to address issues of over-invoicing and under-invoicing in international trade transactions. Importers were required to submit a Price Verification Report generated by the portal as part of their Form M application, which is a declaration for importing physical goods.
In a circular, the CBN attributed the discontinuation of the PVS to “recent developments in the Nigerian Foreign Exchange Market.” However, the circular did not provide specific details on the market conditions that prompted this decision.
The circular stated: “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.”
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