The Central Bank of Nigeria (CBN) on Thursday announced the introduction of a foreign exchange (FX) Price Verification System (PVS) portal to enable importers to access forex.
The CBN, in a press statement, said a price verification report from the portal is now mandatory for all Form M (a declaration of intention to import physical goods into Nigeria) requests, effective from August 31, 2023.
The statement reads, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS).”
“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.
“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.
All authorised dealers are, hereby, advised to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned.
“Please, ensure compliance,” the statement concluded.
This latest measure by the CBN may be part of the steps the Ag. CBN Governor, Folashodun Shonubi earlier hinted on after his meeting on Monday with President Bola Ahmed Tinubu aimed at ensuring stability in the foreign exchange market and curb the activities of both currency speculators and their institutional collaborators.
Already, the Naira has been appreciating in recent days both at the I & E window and in the parallel market with the Naira closing on Thursday at N745 and N850 to the dollar at the I&E window and parallel market respectively following rush by speculators to sell their dollars.
Also on Wednesday, the Nigerian National Petroleum Corporation (NNPC) Limited, secured a $3 billion emergency crude repayment loan to support the naira and stabilise the FX market. These measures have already started to impact the FX market, with other measures anticipated from the apex Bank.