By Stanley Onyeka, Lagos
The Central Bank of Nigeria (CBN) yesterday, said it plans to discontinue the foreign exchange price verification system portal used by importers effective July 1.
It also said the Price Verification Report will no longer be a requirement for completing Form ‘M’- a declaration of intention to import physical goods into Nigeria.
Recall that effective August 31, 2023, the CBN said price verification from the portal was mandatory for all Form M requests.
The reversal of this directive was contained in a circular titled: “Discontinuation of The Central Bank Of Nigeria Price Verification System Portal,” signed by the Acting Director, the Trade and Exchange Department, W. J. Kanya, and made available yesterday to Sustainable Economy Nigeria.
The circular, addressed to all authorised dealer banks, and the public, reads in part: “In view of 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.”
CBN concluded that “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.”
In view of recent developments in the Nigerian foreign exchange market, the CBN hereby discontinues the Price Verification System.
