Central Bank of Nigeria Launches Foreign Exchange Price Verification System to Streamline Importers’ Access to Forex
In a bid to enhance transparency and efficiency in the foreign exchange market, the Central Bank of Nigeria (CBN) has introduced a groundbreaking Foreign Exchange Price Verification System.
This system is specifically designed to grant importers seamless access to foreign exchange for their trade operations.
A formal announcement from the CBN’s Trade and Exchange Department, released on Thursday evening, unveiled the new system and outlined its implementation details.
According to the statement, effective from August 31, 2023, all requests for Form M submissions must be accompanied by a valid price verification report generated from the newly launched portal.
Read Also :How CBN spent N3.2 trillion on fraudulent, opaque ‘operating expenses’ under Buhari govt
The statement emphasized that the integration of the Price Verification System (PVS) comes after a successful pilot run and extensive training sessions conducted with various banks.
The CBN’s proactive approach underscores its commitment to optimizing the foreign exchange processes and promoting ease of doing business.
The statement issued by the apex bank asserted, “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).”
Also Read :Â Osun APC- Adeleke govt trade words over FG subsidy palliatives
In clear terms, the statement further elucidated, “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.”
In response to the implementation, the CBN called upon all authorized dealers to communicate this development to their clients and customers.
The central bank also issued a stern warning, asserting that any instance of non-compliance or violations would be met with appropriate sanctions.
Pay Attention To : Guinness Nigeria Plc Recruitment for Graduates
The introduction of the Price Verification System marks a significant step towards modernizing and streamlining Nigeria’s foreign exchange operations.
By making the price verification report an integral part of the Form M process, the CBN aims to bolster transparency, accountability, and adherence to trade regulations.
The CBN’s directive reflects its commitment to fostering a business environment that is conducive to growth and encourages responsible trading practices.
As the deadline of August 31, 2023, approaches, stakeholders across the business spectrum are expected to adapt and align with the new procedures, ultimately contributing to a more efficient foreign exchange landscape.
