The Central Bank of Nigeria (CBN) will stop using the foreign exchange price verification system portal for importers starting July 1. This means that the Price Verification Report will no longer be required for completing a Form ‘M’, which is a declaration needed to import goods into Nigeria.
The CBN announced this decision in a circular posted on its website on Wednesday, citing recent developments in the Nigerian Foreign Exchange Market as the reason. The notice was signed by W. J. Kanya, the Acting Director of the Trade and Exchange Department, and addressed to all authorized dealer banks and the general public.
The circular, titled “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal,” explained that from July 1, 2024, all Form ‘M’ applications will be processed without the need for a Price Verification Report from the portal.
“In light of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System,” the circular stated.
“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,” it concluded.
Related Stories
- NNPC Ties Dangote Petrol Price to Forex Rate, Amidst Fuel Scarcity Concerns
- Naira Expected to Stabilize Against Dollar by End of 2024, Report Predicts
In August 2023, the CBN had made price verification from the portal mandatory for all Form ‘M’ requests, effective from August 31, 2023. The portal, introduced during the tenure of former acting governor Folashodun Shonubi, was part of an initiative to replace hard copy final invoices in the documentation process for foreign exchange and to monitor imported goods and collect import duties.