August 18, (THEWILL) – The Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex.
The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023.
The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
“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),” the statement reads.
The development is part of measures to manage the volatile forex market where the Naira has depreciated rapidly as demand for forex outstrips supply.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
