The Central Bank of Nigeria (CBN) announced a major policy shift on Wednesday: starting July 1, 2024, the Price Verification System (PVS) Portal will be discontinued. This move reflects the ongoing changes in Nigeria’s Foreign Exchange Market.
The news broke through a circular from W.J. Kanya, the acting director of the Trade & Exchange Department. This new directive references an earlier notice from August 17, 2023, which introduced the PVS Portal.
For those not in the know, the PVS Portal was an online tool designed by the CBN to verify the prices of goods and services involved in foreign exchange transactions. Its primary goal was to combat over-invoicing and under-invoicing, ensuring that prices in Nigeria’s import and export sectors were fair and transparent.
Under the new directive, all applications for Form ‘M’—a necessary document for importing goods into Nigeria—will no longer require a Price Verification Report from the PVS Portal. The circular made it clear: the Price Verification Report is no longer needed to complete Form ‘M’.
This policy change is expected to simplify the process for both authorized dealer banks and the general public. By removing the requirement for the Price Verification Report, the CBN aims to reduce the procedural load associated with foreign exchange transactions.
Banks and stakeholders in the finance sector should take note of these changes and adjust their procedures accordingly. As the new system rolls out, further guidance and updates from the Central Bank are expected.
Stay tuned for more updates as this policy change takes effect.
