The Central Bank of Nigeria has announced the discontinuation of the Foreign Exchange Price Verification System (PVS) for importers, effective July 1, 2024. This decision, outlined in a statement signed by Acting Director of the Trade and Exchange Department, W. Kanya, removes the requirement for importers to submit a Price Verification Report when completing 'Form M'.
The CBN cited recent developments in the Nigerian Foreign Exchange Market for this change, stating that from the specified date, 'Form M' applications will be processed without the need for a Price Verification Report generated from the Price Verification Portal.
Previously launched in August of the previous year during a foreign exchange crisis, the PVS portal aimed to streamline import processes. Despite this update, the Naira closed unchanged at N1507.83 against the dollar on the day of the announcement.
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