BREAKING: CBN introduces FX price verification system portal for importers

by meziesblog.com, posted in Uncategorized
Central Bank of Nigeria
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. A drop in crude prices in the past year has put pressure on public finances, while the naira has declined 7 percent against the dollar this year. Photographer: George Osodi/Bloomberg

he 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.

More to follow…

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