By Opeyemi Abdulsalam
The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) portal, effective July 1, 2024.
This decision follows recent developments in the Nigerian foreign exchange market.
In a circular dated June 26, 2024, the CBN instructed that all applications for Form ‘M’ will no longer require the Price Verification Report generated from the PVS portal.
The report will no longer be a mandatory requirement for completing Form ‘M’.
The circular, signed by Ag. Director, Trade & Exchange Department, James DR. W. J. KANYA, advised all stakeholders to take note and be guided accordingly.
The CBN had earlier introduced the PVS portal in August 2023 to verify prices of goods and services for foreign exchange transactions.
However, with the recent developments in the foreign exchange market, the bank has decided to discontinue the system.
The discontinuation of the PVS portal is expected to streamline foreign exchange transactions and reduce the burden on importers and exporters.