Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex.

The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023.

The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.

“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),” the statement reads.

“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.”

“All authorised dealers are, hereby, advised to bring this to the attention of their customers”.

CBN also said any case of infraction would be appropriately sanctioned.

“Please, ensure compliance,” the bank urged exporters.

In June 2023, the CBN announced the unification of all segments of the foreign exchange (FX) market, signalling the end of its control of the forex market.

Since the decision — which was in compliance with the federal government’s directive — the exchange rate of the local currency has been experiencing significant volatility as market forces continue to determine prices.

The Cable