Mohammed Shosanya
The Central Bank of Nigeria (CBN) has announced that it will be discontinuing its foreign exchange (FX) price verification system portal for importers effective July 1, 2024.
This development is part of the bank’s ongoing efforts to streamline its FX management processes and provide a more efficient system for businesses engaged in international trade.
The apex Bank also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’.
The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
The apex bank disclosed this information in a circular posted on its website on Wednesday adding that it took the decision given recent developments in the Nigerian Foreign Exchange Market.
The notice signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks, and the general public.
It was titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.
The portal introduced during the tenure of former acting governor, Folashodun Shonubi, is a build-up on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable.
The circular read, “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled “Go-Live Of The Central Bank Of Nigeria Price Verification System Portal” on the deployment of the Price Verification System.
“Given 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.
“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 notice added.