The Central Bank of Nigeria (CBN) has disclosed its plans to discontinue the foreign exchange (FX) price verification system portal used by importers effective from July 1, this year
The apex bank, in a circular signed by its the Acting Director, Trade and Exchange Department, W. J. Kanya, and addressed to all authorised dealer banks, and the general public, stated that that the Price Verification Report would no longer be a requirement for the completion of a Form ‘M’.
The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
The CBN maintained that it took the decision given recent developments in the Nigerian Foreign Exchange Market.
Titled “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal”, the circular reads: “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.
“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System.
“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.
“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”, the apex bank added.
It would be recalled that the CBN had in August 2023 directed that price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.
Specifically, the portal was a build-up on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor goods that are being imported into the country, and to enable the collection of import duties where applicable.
