Forex crisis: CBN launches price verification portal as it continues to strengthen naira

In order to make it easier for importers to get foreign currency, the Central Bank of Nigeria has launched a Price Verification System (PVS) webpage.

The pricing verification gateway is now required for all Form M requests, starting on August 31, 2023, according to a CBN circular to all Banks.

A declaration of intent to import tangible items into Nigeria is made on the Form “M.”

“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).

“Consequently, with effect from August 31, 2023, 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 the circular, the Price Verification Report has become a mandatory trade document precedent to the completion of a Form M.

“All Authorized Dealers are hereby advised to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned,” the statement by CBN read.

Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria (CBN), announced the renaming of the official foreign exchange market, formerly known as the Investors and Exporters (I&E) window, to the Nigerian Foreign Exchange Market (NFEM).

This comes barely two months after the apex bank declared the abolition of foreign exchange market segmentation and subsequently collapsed all segments and rates into the I&E window, which it now sees as the sole official forex market.

The CBN’s I&E window, launched in 2017, is a market trading sector for investors, exporters, and end-users that allows currency trades to be made at exchange rates determined by current market conditions, ensuring efficient and effective price discovery in the market.