By Tony Obiechina, Abuja
The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1, 2024.
It also stated 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 which disclosed this in a circular posted on its website on Wednesday added the decision was taken in view of 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. READ ALSO:
- Ajakaye Delighted To Join American Club Carolina Ascent FC
- AFCON 2025Q: Eguavoen Excuses Nwabali From Rwanda Clash
- Dikko Welcomes New DG, Olopade to NSC
- CAF WCL: Edo Queens face uphill task against Sundowns
- Ondo governorship election: INEC replaces LP candidate
“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.
