The Central Bank of Nigeria (CBN) has announced the discontinuation of foreign exchange Price Verification System (PVS), designed for importers to have improved access to forex.
CBN announced the development in a Circular signed and issued on Wednesday by the Acting Director, Trade and Exchange Department, Dr. W. Kanya.
It said, the decision was in view of recent developments in the Nigerian Foreign Exchange Market.
Consequently, it said, “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, “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.”, the Circular said.
Recall that the bank announced the Go- Live of the Price Verification System (PVS), in August last year, and made it mandatory for all Form M requests.
