By Halimah Olamide
The Central Bank of Nigeria (CBN), has announced the discontinuation of the Price Verification System (PVS) Portal.
This was contained in a statement signed by the Acting Director, Trade and Exchange Department, Dr. W.J Kanya.
It is set to take effect from July 01, 2024, in which all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the portal.
Meanwhile, in August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.
“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 (PVS).
“In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).
“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.”