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.
“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 this circular, the price
verification report has become a mandatory trade document precedent to the
completion of a Form M.”
“All authorised dealers are, hereby, advised to bring this
to the attention of their customers”.
CBN also said any case of infraction would be appropriately
sanctioned.
“Please, ensure compliance,” the bank urged exporters.
In June 2023, the CBN announced the unification of all
segments of the foreign exchange (FX) market, signalling the end of its control
of the forex market.
Since the decision — which was in compliance with the
federal government’s directive — the exchange rate of the local currency has
been experiencing significant volatility as market forces continue to determine
prices.
Last week, the naira fell to an all-time low of N950 to the
dollar at the parallel market, before recovering to N890 at the black market of
the FX market.
The recovery came after the CBN said it would implement new
measures to stabilise the naira against the dollar.
While it is unclear if the PVS portal is part of the said
measures; on Wednesday, the Nigerian National Petroleum Corporation (NNPC)
Limited, secured a $3 billion emergency crude repayment loan to support the
naira and stabilise the FX market.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com