CBN Unveils FX Price Verification Portal For Importers And Exporters

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The Central Bank of Nigeria (CBN) has introduced an innovative FX price verification system (PVS) portal; aiming to simplify importers’ access to foreign exchange.

In a recent statement, the CBN declared that starting August 31, 2023, a mandatory price verification report from the portal will be required for all Form M applications.

Form ‘M’ is an official declaration of intent to import physical goods into Nigeria.

The official release stated that after a successful pilot phase and comprehensive training sessions with various banks, the Central Bank of Nigeria was excited to announce the official launch of the Price Verification System (PVS).

This strategic move is part of the CBN’s measures to effectively manage the volatile forex market, which has seen the Nigerian Naira undergo rapid depreciation due to the overwhelming demand for forex outpacing its supply.

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